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Institutional Bondholders Issue Instructions to Five Trustees to Open Investigations of Ineligible Mortgages in Over $95 Billion of JPMorgan-Issued RMBS
HOUSTON, Dec. 16, 2011 /PRNewswire/ -- Gibbs & Bruns LLP announced today that its clients have issued instructions to BNY Mellon, US Bank, Wells Fargo, Citibank, and HSBC, as Trustees, to open investigations of ineligible mortgages in pools securing over $95 billion of Residential Mortgage Backed Securities (RMBS) issued by various affiliates of JPMorgan. Collectively, Gibbs & Bruns' clients hold over 25% of the Voting Rights in 243 Trusts that issued these RMBS.
"Our clients continue to seek a comprehensive solution to the problems of ineligible mortgages in RMBS pools and deficient servicing of those loans. Today's action is another step toward achieving that goal," said Kathy D. Patrick of Gibbs & Bruns LLP, lead counsel for the Holders.
The Holders anticipate that they may provide additional instructions to Trustees, as needed, to further the investigations. The securities that are the subject of these instruction letters include:
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WAMMS 2005-RA1 |
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BSAAT 2007-1 |
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JPMMT 2005-A8 |
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ABOUT GIBBS & BRUNS LLP
Gibbs & Bruns is a leading boutique law firm engaging in high-stakes business and commercial litigation. The firm is renowned for its representation of both plaintiffs and defendants in complex matters, including significant securities and institutional investor litigation, director and officer liability, contract disputes, fraud and fiduciary claims, energy, oil and gas litigation, construction litigation, insurance litigation, trust & estate litigation, antitrust litigation, legal and professional malpractice, and partnership disputes. Gibbs & Bruns is routinely recognized as a top commercial litigation firm in the US. For more information, visit www.gibbsbruns.com.
SOURCE Gibbs & Bruns LLP
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