Morgan Stanley Rips Notice Claims In $2.5B RMBS Fight
By Stewart Bishop (April 5, 2017, 9:17 PM EDT) -- Morgan Stanley on Wednesday asked a New York state judge to quash a pair of lawsuits brought by the trustee for more than $2.5 billion of toxic residential mortgage-backed securities, saying claims for the bank's alleged failure to notify investors of breaching loans should not go forward.
The suits were originally brought by the Federal Housing Finance Agency on behalf of the trustees for the RMBS pools, which claimed Morgan Stanley failed to repurchase faulty residential mortgage loans pooled into securities that were sold to troubled mortgage giant Freddie Mac in 2007, in breach of its contractual obligations.
New York Supreme...
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