Six-Year Statute of Limitations Applicable to Breach of Representations and Warranties Commences When Residential Mortgage-Backed Securities are Purchased—Sponsor Allegedly Failed to Repurchase Loans Non-Conforming Loans—99 Percent of Loans Reviewed Were Allegedly Non-Compliant as to “Borrowers’ Incomes, Occupancy Status or Existing Debt Obligations”
The New York Court of Appeals (court) addressed Statute of Limitations (SOL) issues involving residential mortgage-backed securities (RMBS). Two certificate holders (plaintiffs) sued the sponsor of a RMBS transaction “for failure to repurchase loans that allegedly did not conform to [defendant's] representations and warranties” (“representations”). The salient issues involved “the timeliness of the lawsuit, whether the (plaintiffs) or the trust complied with a condition precedent and whether the (plaintiffs) possessed standing to sue or, alternatively, the trust’s complaint cured any defect in the (plaintiffs’) standing.”
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