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Trust for the Certificate Holders of the Merrill Lynch Mortgage Investors, Inc. v. Love Funding Corp.

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Argued: September 26, 2008

Before: B.D. PARKER,*fn1 RAGGI, Circuit Judges,and KEENAN, District Judge.*fn2

Plaintiff, the Trust for the Certificate Holders of the Merrill Lynch Mortgage Investors, Inc., Mortgage Pass-Through Certificates, Series 1999-C1 (the “Trust”) sued defendant Love Funding Corporation (“Love Funding”), the originator of a defaulted mortgage held by the Trust, for breach of various representations and warranties made in a mortgage loan purchase agreement. Love Funding asserted the defense of champerty based on the fact that the Trust was assigned the right to sue Love Funding as part of a settlement of claims against UBS Real Estate Securities, Inc. (“UBS”), the successor in interest to Paine Webber Real Estate Securities, Inc. (“Paine Webber”),*fn3 which funded the defaulted mortgage loan. After a bench trial in the United States District Court for the Southern District of New York, Judge Shira A. Scheindlin voided the assignment as champertous and entered judgment in favor of Love Funding. See Trust for Certificate Holders of Merrill Lynch Mortgage Investors, Inc., Mortgage Pass-Through Certificates, Series 1999-C1 v. Love Funding Corp. (“Trust v. Love Funding”*fn4), 499 F. Supp. 2d 314 (S.D.N.Y. 2007).

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