JPMorgan Residential Mortgage-Backed Securities

03 September 2014

...Law Debenture Trust Company of New York is the Separate Trustee for 30 of the 330 JPMorgan related RMBS trusts that are the subject of a $4.5 billion settlement offer from JPMorgan.  After an evaluation process including consideration of expert reports, Law Debenture has accepted the settlement offer for 29 of the trusts, subject to court approval.  JPMorgan has agreed to extend the expiration date for the 30th trust to October 1, 2014.  

Law Debenture and the other accepting trustees have commenced a judicial proceeding in the Supreme Court of the State of New York seeking a judgment that the acceptance of the settlement offer was a reasonable, good faith exercise of the trustees’ authority.  The hearing on the trustees’ petition is scheduled for December 16, 2014.  Anyone objecting to the trustees’ petition must file a notice of intention to appear at the hearing by November 3, 2014.

Information about the settlement offer and the judicial proceeding are available at http://www.rmbstrusteesettlement.com/index.php.
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