Gibbs & Bruns Clients Ask for Investigations on Wells Fargo RMBS

Gibbs & Bruns in a release said today that its clients have issued instructions to trustees US Bank and HSBC to open investigations of ineligible mortgages in pools backing more than $19 billion worth of RMBS issued by different Wells Fargo affiliates.

The law firm's clients together hold in excess of 25% of the voting rights in the 48 trusts that have issued these securitizations, the statement from Gibbs & Bruns said.

"Our clients continue to seek a comprehensive solution to the problems of ineligible mortgages in RMBS pools and deficient servicing of those loans," said Kathy Patrick, partner and lead counsel for the investors. "Today's action is another step toward achieving that goal."

Gibbs & Burns, which was also behind the Bank of America $8.5 billion MBS settlement, announced in mid-December as well that it is representing investors looking to settle claims against JPMorgan.

The law firm had announced at that time that its clients also issued instructions to BNY Mellon, US Bank, Wells Fargo, Citibank, and HSBC as trustees to open investigations of ineligible mortgages in pools backing more than $95 billion of RMBS issued by different JPMorgan affiliates.

In this case, collectively, the firm's clients hold over 25% of the voting rights in 243 trusts that issued these RMBS.

The securities that are the subject of the Wells Fargo instruction letters include: