Gibbs & Bruns LLP is following up its success helping nearly two dozen institutional investors secure an $8.5 billion settlement agreement with Bank of America (BAC) by asking two trustees to review $19 billion of residential mortgage-backed securities issued by Wells Fargo (WFC).
Gibbs & Bruns LLP is following up its success helping nearly two dozen institutional investors secure an $8.5 billion settlement agreement with Bank of America (BAC) by asking two trustees to review $19 billion of residential mortgage-backed securities issued by Wells Fargo (WFC).
When representing RMBS investors last summer, the Houston law firm managed to obtain an the settlement with BofA on RMBS tied to Countrywide Financial Corp. The deal, while subject to follow-up litigation and investor complaints, was one of the first major RMBS settlements announced against a large bank.
“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 with Gibbs & Bruns. “Today’s action is another step toward achieving that goal.”
Gibbs & Bruns holds more than 25% of the voting rights in 48 trusts that issued the RMBS.
Write to Kerri Panchuk.
