Securitization Litigation

Early this Century, the Firm’s attorneys set many of the precedents concerning mortgage repurchases, trustee duties, and servicing requirements while litigating commercial mortgage backed securities.

Securitization Litigation

As the Subprime Crisis began to materialize, the Firm’s attorneys litigated the largest repurchase case on record to that point, achieved a global resolution of the Fremont Investment & Loan repurchase issues, and uncovered and litigated irregularities in servicing practices. As the Subprime Crisis morphed into the worst Financial Crisis since the Great Depression, the Firm’s attorneys worked on the cutting edge of public policy issues, including assisting in successfully lobbying against the servicer safe harbor. As evidenced by the list of representative matters handled by the Firm’s attorneys, the firm has litigated a diverse range of cases involving securitization, and dedicated itself more fully to serving the interests of securitization investors. The representative matters involve issues related to the sale and/or securitization of loans, involving issues such as breaches of origination, interim servicing, loan payment, and loan security representations; duties of all parties to pooling and servicing agreements, interim servicing agreements, and loan purchase agreements; reinsurance; re-securitization; investor due diligence; post-breach mitigation; subordination levels; securities and other fraud in the securitization process; Mortgage Electronic Registration Systems (MERS); County land records; and a host of other issues related to the securitization of commercial, franchise, and residential mortgage loans, as well as other assets.

Expand to read more about Representative Matters…

Countrywide Loans in non-Countrywide Trusts Initiative

Merrill Lynch Trusts Initiative

  • Trustee Notices
  • Trustee Notices
  • Trustee Notices
  • Memos

First National Bank and Trust Company of Rochelle, Illinois v. The McGraw-Hill Companies, Inc., Standard & Poor’s Financial Services, LLC., Standard and Poor’s Ratings Services, and Moody’s Corp., Moody’s Investors Services, Inc. Case No. 13-CH16154. (Co-Lead Counsel)

  • Pleadings

LaSalle Bank N.A., Trustee for Certificateholders of Commercial Mortgage Pass Through Certificates, Series 2002-MW1, by and through GMAC Commercial Mortgage Corporation as Special Servicer v. Merrill Lynch Mortgage Lending, Inc., Case No. 04-CV5452 (PKL), 2007 WL 2324052 (S.D.N.Y. Aug. 13, 2007) (lead counsel for plaintiff trust (Franklin) and lead counsel for defendant Merrill Lynch Mortgage Lending, Inc. (Snyder)

Maine State Ret. Sys. v. Countrywide Fin. Corp., et al., No. 2:10-cv-00302 MRP (MANx)(C.D.Cal.); Luther v. Countrywide Fin. Corp., et al., No. 2:12-cv-05125-MRP (MANx)(C.D.Cal.); and Western Conference of Teamsters Pension Trust Fund v. Countrywide Fin. Corp., et al., No. 2:12-cv-05122-MRP (MANx)(C.D.Cal.)(Counsel for objectors First National Bank of Rochelle and LL Funds)

  • Court File

Wells Fargo Bank, N.A., Trustee for Certificateholders of Commercial Mortgage Pass-Through Certificates, Series 2006-MF2, by and through Crown NorthCorp, Inc., as Special Servicer v. LaSalle Bank National Association, Case No. 3:07-cv-449 (S.D. Ohio) (WHR) (2010 U.S. Dist. LEXIS 121730, Oct. 29, 2010) (2010 U.S. Dist. LEXIS 76664, July 19, 2010) (2009 U.S. Dist. LEXIS 106487, Oct. 27, 2009) (2009 U.S. Dist. LEXIS 74854, Aug. 10, 2009) (2009 U.S. Dist. LEXIS 70514, July 24, 2009) (643 F. Supp. 2d 1014, July 8, 2009) (lead counsel for plaintiff trust)

Wells Fargo Bank, NA v. UBS Warburg Real Estate Securities, Inc., Cause No. 02-02849 (192nd Judicial District Court, Dallas County, Texas) (co-lead counsel for plaintiff trust (Franklin) and in-house counsel for special servicer ORIX Capital Markets LLC (Evans))

  • Video (Martha Evans on Wells Fargo Bank v. UBS Warburg)

LaSalle Bank N.A. v. Capco American Securitization Corp., No. 02 Civ. 9916 (S.D.N.Y.) (2005 WL 3046292, Nov. 14, 2005) (2006 WL 177169, Jan. 25, 2006) (2006 WL 1227539, May 5, 2006) (lead counsel for plaintiff trust)

  • Opinions
  • Opinions
  • Opinions

Deutsche Bank National Trust Company as Trustee for the Trusts listed in Exhibits 1-A and 1-B v. Federal Deposit Insurance Corp., JPMorgan Chase Bank, N.A. and Washington Mutual Mortgage Securities Corp., Case No. 1:09-CV-1656-RMC (D.D.C.) (co-lead counsel for plaintiff trusts)

  • Pleadings
  • Trustee Notices

Knights of Columbus v. Bank of New York Mellon, Index No. 651442/2011 (N.Y. Sup. Ct.) (co-lead counsel for plaintiff Knights of Columbus)

  • Amended Complaint
  • Amended Complaint
  • Opinions
  • Court File

Commerce Bank, Cedar Hill Capital Partners, LLC, Citizens Bank & Trust Company, Pinnacle Bank of South Carolina, and Wells River Savings Bank v. U.S. Bank, N.A., Case No. 1316-CV10490 (Cir. Ct. Jackson Co., MO) (lead counsel for plaintiffs).

  • Pleadings
  • Opinions

Guilford County, ex rel. Jeff L. Thigpen, Guilford County Register of Deeds v. Lender Processing Services, Inc., et al., Case No. 12-CVS-4531 (N.C. Bus. Ct.) (co-lead counsel for plaintiff Guilford County)

  • Complaint

Commerce Bank et al v. The Bank of New York Mellon, Supreme Court of the State of New York (Filed June 27, 2014)

  • Complaint

VNB Reality, Inc v US Bank National Association, Docket No. C-165-13 (Superior Court of New Jersey) (Filed August 7, 2013)

  • Complaint
  • Opinions

In re Fremont General Corporation, No. 8:08–bk–13421–ES (Bankr. C.D. Cal.) (2010 WL 4739439, June 9, 2010) (2009 WL 7146274, Nov. 19, 2009) (2009 WL 7146273, Nov. 16, 2009) (Debtor’s securitization counsel)

Wells Fargo Bank, N.A., Trustee for Certificateholders of Commercial Mortgage Pass-Through Certificates, Series 2006-MF2, by and through Crown NorthCorp, Inc., as Special Servicer v. LaSalle Bank National Association, Case No. 5:08-cv-1125-C (W.D. Okla.) (2011 U.S. Dist. LEXIS 93927, Aug. 23, 2011) (2011 U.S. Dist. LEXIS 35343, Apr. 1, 2011) (2010 U.S. Dist. LEXIS 61612, June 22, 2010) (2010 U.S. Dist. LEXIS 38279, Apr. 19, 2010) (2009 U.S. Dist. LEXIS 107185, Nov. 17, 2009) (lead counsel for plaintiff trust)

ORIX Capital Markets LLC v. UBS Warburg Real Estate Securities, Inc., et al., Cause No. 02-2889 (134th Judicial District Court, Dallas County, Texas) (co-lead counsel for plaintiff trust (Franklin) and in-house counsel for special servicer ORIX Capital Markets LLC (Evans))

  • Video (Martha Evans on Orix v. UBS Warburg)

LaSalle Bank v. Citicorp Real Estate, Inc., No. 01 CIV. 4389(AGS) (S.D.N.Y.) (2002 WL 181703, Feb. 5, 2002) (2002 WL 31729632, Dec. 5, 2002) (counsel for plaintiff trust)

  • Opinions
  • Opinions

Financial Security Assurance Corp. v. Bay View Capital Corp., No. 03 CV 7591 (AKH) (S.D.N.Y.) (counsel for defendant Bay View Capital Corp.) EMC Mortgage Corp. v. MortgageIT, Inc. d/b/a MIT Lending, No. 3:06-CV-440-N (N.D. Tex.) (lead counsel for defendant MortgageIT)

  • Counterclaim

Morgan Stanley Mortgage Capital Holdings LLC v. Fremont Investment & Loan, No. 07-CIV-9457 (S.D.N.Y.) (lead counsel for defendant Fremont Investment & Loan) Aurora Loan Services, LLC v. Fremont Investment & Loan, Civil Action No. 1:07-CV-01284-RPM (D. Col.) (co-counsel for defendant Fremont Investment & Loan) Wells Fargo Bank, N.A., Trustee for Certificateholders of Commercial Mortgage Pass-Through Certificates, Series 2006-MF2, and as Trustee for the Certificateholders of Commercial Mortgage Pass-Through Certificates, Series 2006-MF3, acting by and through Crown NorthCorp, Inc., as Special Servicer v. LaSalle Bank National Association, Case No. 11-cv-2884 (N.D. Ill.) (GMM) (2011 U.S. Dist. LEXIS 117434, Oct. 11, 2011) (lead counsel for plaintiff trust) Bank of America, National Association, as successor by merger to LaSalle Bank National Association v. Crown NorthCorp, Inc. acting for Wells Fargo Bank, N.A. in Wells Fargo Capacity as Trustee for the Certificateholders of Commercial Mortgage Pass-Through Certificates, Series 2006-MF2, and as Trustee for the Certificateholders of Commercial Mortgage Pass-Through Certificates, Series 2006-MF3 and against Crown as Special Servicer, Case No. 10-cv-7470 (N.D. Ill.) (MIS) (lead counsel for defendant trust) Trahan v. Long Beach Mortgage Company, et al., Civil Action No. 9:05-CV-29 (TH/KFG) (S.D. Tex.) (lead counsel for The Bank of New York as Trustee of the defendant Trust) Lehman Bros. Holdings, Inc. v. Paramount Residential Mortgage Group, Inc., Case No. 5:09-CV-00243 VAP (C.D. Cal.) (consulting counsel for defendant Paramount Residential Mortgage Group, Inc.) Lehman Bros. Holdings, Inc. v. Texas Capital Bank, N.A., Civil Action No. 3:09-CV-00438-B (N.D. Tex.) (lead counsel for defendant Texas Capital Bank, N.A.) Wells Fargo Bank, N.A., Trustee for Certificateholders of Commercial Mortgage Pass-Through Certificates, Series 2006-MF2, and as Trustee for the Certificateholders of Commercial Mortgage Pass-Through Certificates, Series 2006-MF3, acting by and through Crown NorthCorp, Inc., as Special Servicer v. LaSalle Bank National Association, Case No. 11-cv-166 (N.D. Ill.) (VMK) (2011 U.S. Dist. LEXIS 66440, June 20, 2011) (lead counsel for plaintiff trust) LaSalle Bank National Association as Trustee for the Benefit of the Certificateholders of J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-CIBC19 Commercial Mortgage Pass-Through Certificates, by and through LNR Partners, Inc. as Special Servicer v. CIBC Inc., Civil Action No. 08-CIV-8426(WHP) (S.D.N.Y.) (co-lead counsel for plaintiff trust)

  • Opinions

GECCMC 2005-C1 Plummer Street Office L.P. v. JPMorgan Chase Bank, N.A., No. 10-56219 (9th Cir.) (co-lead counsel for plaintiff trust) In re Residential Capital, LLC, et al., Case No. 12-12020 MG (Bankr. S.D.N.Y.) (lead counsel for “Talcott Franklin group” of investors) (Settlement Documents Link) https://talcottfranklin.com/rescap/ResCap_Settlement_Documents.html     (Court File Link) http://www.kccllc.net/rescap VNB Realty, Inc. v. Bank of America Corporation et al., Case No. 1:11-cv-06805-JFK (S.D.N.Y.) Wells Fargo Bank, N.A., Trustee for Certificateholders of Commercial Mortgage Pass-Through Certificates, Series 2006-MF2, by and through Crown NorthCorp, Inc., as Special Servicer v. LaSalle Bank National Association, Case No. 2:08-cv-1448-JCM (D. Nev.) (2011 U.S. Dist. LEXIS 145026, Dec. 15, 2011) (2011 U.S. Dist. LEXIS 144973, Dec. 15, 2011) (2011 U.S. Dist. LEXIS 120122, Oct. 17, 2011) (2011 U.S. Dist. LEXIS 88483, Aug. 9, 2011) (2011 U.S. Dist. LEXIS 119395, Feb. 23, 2011) (2011 U.S. Dist. LEXIS 119394, Feb. 23, 2011) (2011 U.S. Dist. LEXIS 18323, Feb. 9, 2011) (lead counsel for plaintiff trust)

  • Opinions
  • Opinions

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