Do MBS trustees have power to make global put-back deals
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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
CONFIDENTIAL EXPERT REBUTTAL REPORT OF PROFESSOR ADAM J. LEVITIN
Introduction (excerpt)
Court Documents – New York State Court
- No. 575 Letter/Correspondence to Justice Kapnick
- No. 574 Letter/Correspondence to Justice Kapnick
- No. 573 DECISION + ORDER ON MOTION
- No. 572 DECISION + ORDER ON MOTION
- No. 571 DECISION + ORDER ON MOTION
- No. 569 LETTER/CORRESPONDENCE
- No. 568 Consolidated Expert Report of Charles D. Cowan, Ph.D. Rebuttal to BNY Mellon Expert Reports and Reply in Support of Initial Report
- No. 567 REPLY AND REBUTTAL EXPERT REPORT OF PROFESSOR JOHN C. COATES IV
- No. 566 Expert Reply Report of Tamar Frankel
- No. 565 2013-04-11 M Rollin to Hon. Kapnick enclosing Rebuttal Reports
- No. 563 Order to Show Cause
- No. 562 [Proposed] Order to Withdraw Notice of Appearance and Objection
- No. 561 Certificate of Service
- No. 560 Withdrawal of Notice of Appearance and Objection
- No. 559 Memorandum of Law in Support
- No. 558 Affirmation of Daniel M. Reilly
- No. 557 Affirmation of John G. Moon
- No. 556 Affirmation of Derek W. Loeser
- No. 555 Order to Show Cause Why the Court Should Not Vacate the Inside Institutional Investors’ Discovery Demands
- No. 554 EXHIBIT(S) – Withdrawal of Notice of Intention to Appear and Object with Proposed Order
- No. 553 EXHIBIT(S) – Expert Report of Daniel R. Fischel
- No. 552 EXHIBIT(S) – Expert Report of G. William Schwert
- No. 551 EXHIBIT(S) – Expert Report of Phillip R. Burnaman, II
- No. 550 Letter/Correspondence to Justice Kapnick
- No. 549 Letter/Correspondence to Justice Kapnick
- No. 546 OTHER ORDER entered in the office of the County Clerk on March 19, 2013
- No. 545 Letter/Correspondence to Justice Kapnick
- No. 543 Expert Report of John H. Langbein
- No. 542 Expert Report of Robert I. Landau
- No. 541 Expert Report of Daniel R. Fischel
- No. 540 Expert Report of Robert M. Daines
- No. 539 Expert Report of Phillip R. Burnaman
- No. 538 Letter/Correspondence to Justice Kapnick
- No. 537 Expert Report of Charles D. Cowan (Redacted)
- No. 536 2013-03-14 M Rollin to Hon. Kapnick encl. Expert Report of Charles D. Cowan, Ph.D.
- No. 534 LETTER/CORRESPONDENCE to Justice Kapnick
- No. 532 LETTER/CORRESPONDENCE Letter to Judge Kapnick to follow up on our February 15 letter to the Court
- No. 531 Exhibit C to Expert Report of Prof. John C. Coates IV
- No. 530 Expert Report of Prof. John C. Coates IV REDACTED w Exs A and B
- No. 529 Expert Report of Tamar Frankel redacted
- No. 528 2013-02-28 M Rollin to Hon. Kapnick enclosing Expert Reports
- No. 527 Stipulation of the Parties and Order
- No. 525 2013-02-25 Letter to Kapnick re Scheduling Order and Expert Stipulation
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