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Institutional Bondholders Issue Instructions to Two Trustees to Open Investigations of Ineligible Mortgages in Over $19 Billion of Wells Fargo-Issued RMBS

01.05.2012

Houston (January 5) – Gibbs & Bruns LLP announced today that its clients have issued instructions to US Bank and HSBC, as Trustees, to open investigations of ineligible mortgages in pools securing over $19 billion of Residential Mortgage Backed Securities (RMBS) issued by various affiliates of Wells Fargo.  Collectively, Gibbs & Bruns’ clients hold over 25% of the Voting Rights in 48 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.  Today’s action is another step toward achieving that goal,” said Kathy D. Patrick of Gibbs & Bruns LLP, lead counsel for the Holders.     

 

The Holders anticipate that they may provide additional instructions to Trustees, as needed, to further the investigations.  The securities that are the subject of these instruction letters include: 

 

 

 

 

 

 

 

 

WFALT 2005-1

 

WFMBS 2005-9

 

WFMBS 2006-19

 

WFMBS 2007-13

WFALT 2007-PA2

 

WFMBS 2005-AR11

 

WFMBS 2006-20

 

WFMBS 2007-8

WFALT 2007-PA3

 

WFMBS 2005-AR12

 

WFMBS 2006-6

 

WFMBS 2007-9

WFALT 2007-PA4

 

WFMBS 2005-AR14

 

WFMBS 2006-7

 

WFMBS 2007-AR3

WFALT 2007-PA6

 

WFMBS 2005-AR16

 

WFMBS 2006-8

 

WFMBS 2007-AR8

WFHET 2005-3

 

WFMBS 2005-AR3

 

WFMBS 2006-AR10

 

WMLT 2005-A

WFHET 2006-3

 

WFMBS 2005-AR5

 

WFMBS 2006-AR13

 

WMLT 2005-B

WFHET 2007-1

 

WFMBS 2005-AR8

 

WFMBS 2006-AR14

 

WMLT 2006-A

WFMBS 2005-12

 

WFMBS 2005-AR9

 

WFMBS 2006-AR18

 

WMLT 2006-ALT1

WFMBS 2005-17

 

WFMBS 2006-11

 

WFMBS 2006-AR2

 

WFMBS 2005-18

 

WFMBS 2006-13

 

WFMBS 2006-AR4

 

 

WFMBS 2005-3

 

WFMBS 2006-14

 

WFMBS 2006-AR8

 

 

WFMBS 2005-4

 

WFMBS 2006-17

 

WFMBS 2007-10

 

 

 

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Gibbs & Bruns is a leading boutique law firm engaging in high-stakes business and commercial litigation.  The firm is renowned for its representation of both plaintiffs and defendants in complex matters, including significant securities and institutional investor litigation, director and officer liability, contract disputes, fraud and fiduciary claims, energy, oil and gas litigation, construction litigation, insurance litigation, trust & estate litigation, antitrust litigation, legal and professional malpractice, and partnership disputes. Gibbs & Bruns is routinely recognized as a top commercial litigation firm in the US.  For more information, visit www.gibbsbruns.com.


Contact

Kathy Patrick

Gibbs & Bruns LLP

713.751.5253