Trustee Sues Deutsche Bank Unit Over $640M In MBS

Law360, New York (November 28, 2012, 4:10 PM EST) -- The trustee for holders of nearly $640 million in residential mortgage-backed securities sued a Deutsche Bank AG affiliate in New York federal court Tuesday for breach of contract, claiming the bank failed to properly review the mortgage loans comprising the securities.

The complaint was filed by HSBC Bank USA, acting as the trustee for the mortgage-backed securities trust, against DB Structured Products Inc. The plaintiffs claimed that a review of a sample of the home loans in the MBS pool showed that more than 90 percent...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.