OPINION & ORDER Before the Court is (1) a motion from plaintiff National Credit Union Administration Board (“NCUA”) for leave to file a Proposed Second Amended Complaint (“PSAC”) and to substitute a Separate Trustee as plaintiff pursuant to Rules 15 and 17 of the Federal Rules of Civil Procedure; (2) a motion to dismiss the PSAC from defendant Deutsche Bank National Trust Company (“Deutsche Bank”) pursuant to Rule 12 of the Federal Rules of Civil Procedure; (3) Deutsche Bank’s motion to stay plaintiff’s claims related to indemnification; and (4) NCUA’s motion to strike certain portions of Deutsche Bank’s reply memorandum of law. These motions followed a Court-imposed 2-day stay where the Court dismissed defendant’s then-pending motion to dismiss plaintiff’s amended complaint without prejudice in anticipation of a decision from the United States Court of Appeals for the Second Circuit in National Credit Union Admin. Bd. v. U.S. Bank Nat’l Ass’n, No. 17-756. As discussed further below, this case was set to, and did, clarify some of the outstanding issues with plaintiff’s standing. For the reasons set forth below, plaintiff’s motion for leave to amend and to substitute is granted; defendant’s motion to dismiss is granted in part and denied in part; defendant’s motion to stay plaintiff’s indemnification claims is granted; and plaintiff’s motion to strike is denied. I. BACKGROUND A. Factual Background1 NCUA is an independent federal agency in the executive branch that regulates federal credit unions pursuant to the Federal Credit Union Act, 12 U.S.C. §1751 et seq. One of NCUA’s powers is to place failed credit unions into liquidation. Id. §1787. Upon liquidation, NCUA succeeds to “all rights, titles, powers, and privileges of the credit union, and of any member, accountholder, officer, or director of such credit union with respect to the credit union and the assets of the credit union.” Id. §1787(b)(2)(A)(i). According to NCUA, in 2009 and 2010, in the aftermath of the financial crisis, it placed several failed corporate credit unions into liquidation and thus succeeded those entities. (PSAC
18-26.) The failed corporate credit unions had assets which included residential mortgage-backed securities (“RMBS”) in trusts for which Deutsche Bank serves as trustee. Each trust consists of hundreds of individual residential mortgage loans that were pooled together and securitized for sale to investors. Originators of the residential mortgage loans underwrite individual loans, and the securitization process begins with a sponsor who purchases loans in bulk from one or more originators. (Id.
