CONFIDENTIAL EXPERT REBUTTAL REPORT OF PROFESSOR ADAM J. LEVITIN In the matter of the application of The Bank of New York Mellon


Do MBS trustees have power to make global put-back deals


A new expert report assessing Bank of America’s proposed $8.5 billion settlement with investors in Countrywide mortgage-backed securities, filed by Adam Levitin, a visiting professor at Harvard Law School and an expert on mortgage finance and the housing crisis, offers some of the most interesting explanations for why the deal should fail that I’ve seen in the litigation. Much of the debate over the proposed deal – in which BofA and MBS trustee Bank of New York Mellon negotiated with a group of institutions with sizable investments in 189 of the securitizations, eventually reaching a global settlement of put-back claims by 530 Countrywide MBS trusts – has taken place deep in the weeds. What exactly is a reasonable standard for a securitization trustee? How meaningful was the investigation of put-back liability by the expert BNY Mellon engaged? What are the implications of a side letter on indemnification that BNY Mellon requested and received from BofA?




    FILED: NEW YORK COUNTY CLERK 04/12/2013                NYSCEF DOC. NO. 570

    INDEX NO. 651786/2011                                  RECEIVED NYSCEF: 04/12/2013




Introduction (excerpt)

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Court Documents – New York State Court




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