UBS, Others Can't Nix ResCap Suits Over Bad Mortgage Loans
Law360, Los Angeles (February 3, 2015, 10:08 PM EST) -- A New York bankruptcy judge on Tuesday largely refused to dismiss four lawsuits brought by the Residential Capital LLC bankruptcy trust alleging mortgage originators including UBS Real Estate Securities Inc. and SunTrust Mortgage Inc. sold billions of dollars in defective loans, ruling that the trust has proper standing.
UBS, SunTrust and four other mortgage lenders are accused of selling residential mortgage loans with faulty underwriting that ResCap then packaged and resold. The loan originators had argued that ResCap Liquidating Trust did not have standing since it is the successor of bankrupt Residential Funding Co. LLC. But U.S. Bankruptcy Judge Martin Glenn...
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