Houston based law firm Gibbs & Bruns LLP said its clients -- holders of over $26 Billion of Countrywide-issued Residential Mortgage Backed Securities (RMBS) -- are opening an investigation of ineligible mortgages in Countrywide-issued RMBS.

Under the terms of the applicable Pooling and Servicing Agreements (PSAs), the holders (the clients represented by Gibbs & Burns LLP) of over 25% of the Voting Rights of the RMBS have the power to issue binding instructions to the Trustee -- in this case the Bank of New York.

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