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Fed. Hous. Fin. Agency v. Morgan Stanley ABS Capital I Inc.

RMBS Breach of Contract Actions Accrue When Securitizer Fails to Timely Notify Trustee

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DECISION/ORDER

*1 These separate residential mortgage-backed securities (RMBS) breach of contract actions are based upon defendant securitizers’ alleged breaches of representations and warranties regarding the quality and characteristics of mortgage loans held in two Trusts: Morgan Stanley ABS Capital I Inc. Trust, Series 2007-NC1 (NC1) and Morgan Stanley ABS Capital I Inc. Trust, Series 2007-NC3 (NC3) (collectively, the Securitizations or Trusts).¹ The facts and procedural history of these actions are described at length in this court’s prior decisions on the defendants’ respective motions to dismiss, Federal Housing Finance Agency v. Morgan Stanley ABS Capital I Inc. (2016 WL 1587345 [Sup Ct, NY County, Apr. 12, 2016, No. 650291/2013] [FHFA (NC1)]) and Federal Housing Finance Agency v. Morgan Stanley Mortgage Capital Holdings LLC, 2016 WL 1587344 [Sup Ct, NY County, Apr. 12, 2016, No. 651959/2013] [FHFA (NC3)] [collectively, the Prior Decisions]). Those decisions were affirmed by the Appellate Division in Federal Housing Finance Agency v. Morgan Stanley ABS Capital I Inc. (146 AD3d 566 [1st Dept 2017].) In FHFA (NC1), the initial complaint pleaded three separate breach of contract causes of action against defendant Morgan Stanley ABS Capital I Inc. (MSAC): a first cause of action for breach of representations and warranties regarding the securitized loans; a second cause of action

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