BNY Mellon Says RMBS Suit Over Loan Docs Falls Short
Law360, New York (September 17, 2014, 5:35 PM EDT) -- The Bank of New York Mellon Corp. on Monday pushed back against banks, insurers and other investors’ lawsuit against BNY as trustee of pools of poor-performing residential mortgage-backed securities, arguing that it is being accused of breaching duties that aren't in the pooling and servicing contracts.
The 13 plaintiffs are all investors in RMBS trusts in which Countrywide Home Loans Servicing LP, now a unit of Bank of America Corp., was the original master servicer. The investors contend that BNY, as trustee of the RMBS trusts, broadly failed to obtain and hold critical documents evidencing that the mortgage loans belong to...
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