Investors represented by Gibbs & Bruns have issued instructions to US Bank, Wells Fargo, and Deutsche Bank, as trustees, to open investigations to find ineligible mortgages in pools backing over $25 billion of RMBS issued by various Morgan Stanley affiliates
Gibbs & Bruns said in a press release that its clients hold over 25% of the voting rights in 69 trusts that issued these RMBS.
"Our clients continue to seek a comprehensive solution to the problems of ineligible mortgages in RMBS pools and deficient servicing of those loans," said Gibbs & Bruns' Kathy Patrick, who serves as lead counsel for the bondholders. "Today's action is another step toward achieving that goal."
The latest move on the "putback" litigation front follows similar actions issued by the law firm on behalf of bondholders against JPMorgan and Wells Fargo in December 2011 and in January 2012, respectively.