Bank of NY Mellon must face lawsuit over $1.12 billion mortgage loss

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Bank of NY Mellon must face lawsuit over $1.12 billion mortgage loss

Bank of NY Mellon must face lawsuit over $1.12 billion mortgage loss

Reuters-

Bank of New York Mellon Corp must face a lawsuit seeking to hold it liable for causing $1.12 billion of investor losses by failing to properly monitor five trusts backed by toxic residential mortgages, a Manhattan federal judge ruled.

U.S. District Judge Gregory Woods said Belgium’s Royal Park Investments SA/NV may pursue claims that the bank, as trustee for trusts dating from 2005 to 2007, ignored widespread, systemic abuse in how the underlying loans were underwritten and serviced, and failed to require that bad loans be repurchased.

“Indeed,” Woods wrote in his decision on Wednesday, “it would be implausible to assume that somehow all of the mortgage loans underlying the trusts miraculously avoided the pervasive practices of the industry at the time.”

[REUTERS]

 

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2 Responses to “Bank of NY Mellon must face lawsuit over $1.12 billion mortgage loss”

  1. KAYLA says:

    BANK OF NEW YORK /MELLON IS A BIG FRAUD THEY ARE IN COURTS ALL OVER AMERICA FILING FORECLOSURES AGAINST HOMEOWNERS FOR LOANS THAT THEY DO NOT OWN OR EVEN HOLD .IT SHOULD BE NOTED THAT IN BERGEN COUNTY NJ THE BANK OF NEW YORK / MELLON HAVE BEEN VERY SUCCSSEFUL IN STEALING HOMEOWNERS HOMES ,WITH THE HELP OF BERGEN COUNTY SUPERIOR COURT JUDGES GERALD C ESCLA AND NOW ARE GETTING HELP FROM THE NEW JUDGE THAT REPLACED ESCALA “JUDGE” EDWARD A.JEREJIAN.

  2. david says:

    judge Edward jerejian is ignorant man he do not understand MORTGAGE BAKED SECURITYS [AKA MBS] and need education in this area
    immediately, otherwise he will continue to gives away homeowners homes in Bergen country to the banksters that don’t even own the notes and or mortgages.
    ROGHT NOW MANY HOMEOWNERSLOSE LOSE THEIR HOMES BECAUSE THIS JUDGE THAT IS SCARED OF TRUE FACTS ,AND TRUTH AND WILL NEVER CONSIDER
    ANY HOMEOWNER DEFENSE ARGUMENT EVEN WHEN IT IS THE ALL TRUTH

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