Lawyers at Quinn Emanuel Urquhart & Sullivan moved a step closer this week to forcing a potential payout from banks that partnered with defunct mortgage lender Residential Capital LLC before the financial crisis.
Whether the banks will eventually be forced to pay is still uncertain. But a judge in Manhattan ruled Tuesday that UBS Real Estate Securities Inc., SunTrust Mortgage Inc., Summit Financial Mortgage LLC and Capital One Financial’s GreenPoint Mortgage Funding Inc. can’t escape claims that they duped ResCap into buying shoddy loans that ResCap packaged into residential mortgage-backed securities.
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