Home Equity Mortgage Trust Series 2006-1 et al. v. DLJ Mortgage Capital, Inc. (“HEMT”) and U.S. Bank Nat’l Ass’n v. DLJ Mortgage Capital, Inc. (“HEAT 2007-1”)
Summary
Court:
New York Court of Appeals
Amicus Issue:
Whether the doctrine of “relation back” permits plaintiffs to proceed on repurchase claims as to untimely noticed loans.
Whether RMBS plaintiffs may demonstrate notice, liability, and damages using a “sampling” approach, rather than on a loan-by-loan basis (at issue in HEMT).
SIFMA, SIFMA AMG, American Bankers Association (ABA), Bank Policy Institute (BPI), Institute of International Bankers (IIB), Insured Retirement Institute (IRI),…