BNY Mellon Warns High Court Against Warping RMBS Market
By Evan Weinberger (November 23, 2015, 4:06 PM EST) -- BNY Mellon has said that the U.S. Supreme Court risks causing "wrenching" changes to the residential mortgage-backed securities market if it overturns a lower court finding that it was not responsible for investor losses during the financial crisis.
The bank, which serves as trustee to billions of dollars worth of residential mortgage-backed securities, said in a Nov. 13 brief that the high court should forego a review of a Second Circuit ruling last December that found that provisions of the 1939 Trust Indenture Act did not apply to the securities at issue, because they were deemed to be certificates that did...
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