Five years after the meltdown of the subprime mortgage market left investors in residential mortgage backed securities (RMBS) with billions of dollars in losses, participants are still trying to clarify the responsibilities of trustees, servicers, and various other constituents in these deals.

Some clarity may eventually emerge from a slew of lawsuits that are slowly working their way through the legal system, most notably Bank of America’s $8.5 billion settlement with 22 of the nation’s largest institutional investors, which is being contested by numerous other investors.

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