Judge Trims Claims In Mortgage-Backed Securities Put-Back Action

Judge Trims Claims In Mortgage-Backed Securities Put-Back Action

NEW YORK - A New York state court judge on Nov. 25 granted in part and denied in part a defendant's motion to dismiss a breach of contract lawsuit accusing the defendant of misrepresenting the investment quality of certain mortgage-backed securities (MBS) it securitized and sold, ruling that an investment trust cannot seek reimbursement for loans that were compliant (ACE Securities Corp., Home Equity Loan Trust, Series 2007-HE1, by HSBC Bank USA, National Association, as Trustee, v. DB Structured Products Inc., No. 650327/2013, N.Y. Sup., New York Co.).

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