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Mortgage Securitization Case Reinstated

lexology.comJune 13, 2013

By Winston & Strawn LLP

On May 17th the U.S. District Court for the Southern District of New York, on its own initiative, vacated an order granting summary judgment to defendants in a mortgage-backed securities ("MBS") lawsuit. Plaintiffs filed a complaint in state court alleging that defendants fraudulently sold MBS. Asserting federal jurisdiction under the Edge Act, defendants removed the case to this Court, which granted defendants' motion for summary judgment. Two weeks later, the Second Circuit addressed the scope of the Edge Act's jurisdiction in a certain case and the District Court found it necessary to revisit this matter. The Court noted that only 18 of the almost 250,000 mortgages involved here were on properties located in the Virgin Islands. Those loans, moreover, were originated by a non-party. Because the Edge Act confers federal jurisdiction only when a federally chartered corporation is a party and the suit arises out of an offshore financial transaction of that federally chartered corporation, the Court concluded it lacked jurisdiction and remanded the case to state court. Dexia SA/NV v. Bear Stearns & Co. Inc.

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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