U.S. Bank sues WMC Mortgage and Equifirst Corporation in its role as trustee for a $550 million UBS offering

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U.S. Bank sues WMC Mortgage and Equifirst Corporation in its role as trustee for a $550 million UBS offering

U.S. Bank sues WMC Mortgage and Equifirst Corporation in its role as trustee for a $550 million UBS offering

REUTERS-

U.S. Bank has struck again. Less than a week ago, the bank, acting as securitization trustee, sued Bank of America to demand the repurchase of deficient loans underlying Greenwich Capital MBS offerings. And now U.S. Bank has sued WMC Mortgage and Equifirst Corporation in its role as trustee for a $550 million UBS offering. Here’s the 23-page Minnesota federal court complaint, filed by the recently ubiquitous Kasowitz Benson Torres & Friedman.

There aren’t any bombshells in the complaint, which asserts the all-too-familiar allegations that WMC and Equifirst made false representations and warranties about the mortgage loans it supplied UBS. Instead, the news is that U.S. Bank has suddenly adopted a newly activist role as securitization trustee.

[REUTERS]

[ipaper docId=64204109 access_key=key-2idfic4xlvavjdkid3a5 height=600 width=600 /]

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