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New Target for RMBS Lawsuits: the Trustees

Investors have spent years seeking compensation for losses sustained during the housing bust from the firms that made mortgage loans and repackaged them into securities.

Now they are focusing on a new target: the trustees who oversee these deals on their behalf.

So far, the sponsors of residential mortgage-backed securities have dodged much investor litigation and parried astutely to reach settlements that represent pennies on the dollar in terms of investor losses.

Just recently, in fact, investors almost lost an appeal that would have resulted in the outright nullification of most ongoing suits against bank sponsors, because their trustees’ languid representation could have put their claims outside statutes of limitations.

via New Target for RMBS Lawsuits: the Trustees|National Mortgage News.

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