S.D.N.Y. Rejects 'Pervasive Breach' Claim And Issues Numerous RMBS Rulings In Deciding Trusts And Issuers Motions For Summary Judgment
On January 9, 2015, in a series of rulings, Judge P. Kevin Castel of the United States Court for the Southern District of New York granted in part and denied in part motions for partial summary judgment brought by three MASTR Adjustable Rate Mortgages Trusts (2006-OA2, 2007-1, and 2007-3) (the Trusts) and UBS Real Estate Securities Inc. (UBS). The Trusts filed this repurchase claim against UBS after purchasing 17,082 loans, which the Trusts claimed contained breaches of the Pooling and Servicing Agreements' representations and warranties. First, Judge Castel held that, as a general matter, the Trust could only proceed on loans which were the subject of timely repurchase demands - i.e., the demand's 90-day cure period must have expired within the six-year statute of limitations period. Second, Judge Castel found that the Trusts could also recover on loans for which it proved UBS' independent discovery of breaches of representations and warranties, even if those...
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