unions v mortgage asset securitization trans., ubs, moodys, mcgraw-hill

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  • 8/9/2019 Unions v Mortgage Asset Securitization Trans., UBS, Moodys, McGraw-Hill

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    Dgtl =975-dv-551?1-C@D -@F Chd|`lns 7 Fojlc 5=(==(75 Ugkl 7 hf 16

    \NOSLC TSGSLT COTS]ODS DH\]SCOTS]ODS HF NL[ IL]TL_

    JHDGJ T 45= GNC 67= HF SAL ONSL]NGSOHNGJhdbls Nh.9\NOHN HF HUL]GSONK LNKONLL]T L@UJH_L]T DHNTS]\DSOHN ONC\TS]_]LSO]L@LNS S]\TS* hn M lagjf hf Ostljf gnc G jjHsal}t To` ojg}jy T os|gslc*H@UJGONS FH]VOHJGSOHN HF TLDSOHNTUjgonsoff*7* 7= GNC 7< HF SALTLD\]OSOLT GDS HF 7?44v .@H]SKGKL GTTLS TLD\]OSOYGSOHNDF DGTLS]GNTGDSOHNT* OND.2 CGVOC @G]SON2 UL]C_]VOB2 A\KA DH]DH]GN2 \MT ]LGJ LTSGSLTLD\]OSOLT* OND.2 \MT TLD\]OSOLT* JJD2@HHC _T ONVLTSH] TL]VODLT* OND. gnc SAL@DK]G[AOJJ DH@UGNOLT* OND.*

    Clflncgnst.

    Ujgonsoff* Jhdgjt 45= gnc 67= hf sal Onsl}ngsohngj \nohn hf Hul}gsonk Lnkonll}t Dhnts}|dsohn Onc|ts}y ]lso}l`lns S}|ts !Hul}gsonk Lnkonll}t h} Ujgonsoff/* gjjlklt salfhjjh{onk mgtlc |uhn sal onvltsokgsohn hf dh|ntlj* Dhaln @ojtslon Tljjl}t & Shjj UJJD* {aodaondj|clc g }lvol{ hf \noslc Tsgslt Tld|}osolt gnc Lqdagnkl Dh``ottohn !TLD/ fojonkt my@h}skgkl Gttls Tld|}osogsohn S}gntgdsohnt* Ond. !@GTS]/* \MT Tld|}osolt* JJD!\MTTLD/* \MT Fongndogj Tl}vodlt* Ond. !\MTFT/ gnc sal @GTS] Gci|tsgmjl ]gsl@h}skgklt S}|ts =55;-4 !sal @GTS] S}|ts h} sal Ott|onk S}|ts/* gt {ljj gt }lk|jgsh}y

    fojonkt gnc }luh}st gnc gcvoth}olt gmh|s @GTS]* \MTTLD* \MTFT gnc sal Ott|onk S}|ts* u}ltt}ljlgtlt gnc hsal} u|mjod tsgsl`lnst ott|lc my Ngsohngjjy ]ldhknolc Tsgsotsodgj ]gsonktH}kgnogsohnt !N]T]H/ gmh|s @GTS]* \MTTLD* \MTFT gnc sal Ott|onk S}|ts gnc ost h{nonsl}ngj onvltsokgsohn. Ujgonsoff mljolvlt sags t|mtsgnsogj gccosohngj lvoclnsog}y t|uuh}s {ojj lqots

  • 8/9/2019 Unions v Mortgage Asset Securitization Trans., UBS, Moodys, McGraw-Hill

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    Dgtl =975-dv-551?1-C@D -@F Chd|`lns 7 Fojlc 5=(==(75 Ugkl = hf 16

    fh} sal gjjlkgsohnt tls fh}sa al}lon gfsl} }lgthngmjl huuh}s|nosy fh} cotdhvl}y. Sal djgo`tgttl}slc al}lon ch nh s th|nc on h} g}otl f}h` gjjlkgsohnt hf f}g|c.

    NGS\]L HF SAL GDSOHN7. Saot ot g djgtt gdsohn m}h|kas my Ujgonsoff gjjlkonk vohjgsohnt hf Tldsohnt 77* 7=

    gnc 7< hf sal Tld|}osolt Gds hf 7?44* 7< \.T.D. ;;g ls tlw. !Tld|}osolt Gds/* hn mlagjf hfu|}dagtl}t hf @GTS] Ugtt-Sa}h|ka Dl}sofodgslt* Tl}olt =55;-4 !sal Dl}sofodgslt h} sal@GTS] Dl}sofodgslt/ {ah u|}dagtlc sal Dl}sofodgslt* mgdblc my uhhjt hf fo}ts `h}skgklt h}cllct hf s}|ts hn }ltoclnsogj hnl- sh fh|}-fg`ojy u}hul}solt* u|}t|gns gnc s}gdlgmjl sh sal u|mjodhffl}onk hf sal @ GTS] D l}sofodgslt hn @ gy 73* =55;.

    =. Sal Dl}sofodgslt {l}l ott|lc u|}t|gns sh g Fh}` T-4 ]lkots}gsohn Tsgsl`lns fojlc{osa sal Tld|}osolt Lqdagnkl Dh``ottohn hn h} gmh|s Cldl`ml} 76* =55< !TLD Fojl Nh. 444-7454;4/* sal}lgfsl} g`lnc lc my sal fojonk hf g t|uujl`l nsgj u}llffldsovl ]lkots}gsohn Tsgsl`lnshn Fh}` T-4(G cgslc Gu}oj 3* =556 !sal ]lkots}gsohn Tsgsl`lns/* gnc g jgsl} fojlc U}htulds|tT|uujl`lns fojlc {osa sal TLD hn Fh}` 3=3M< cgslc @gy 73* =55; !dhjjldsovljy sal Hffl}onkChd|`lnst/. Sal Hffl}onk hdd|}}lc on saot vln|l. Sal Dl}sofodgslt al}lon g}l `h}skgkl-mgdblc tld|}osolt !@MT/ dhjjgsl}gjolc my `h}skgklt u}ondougjjy h}okongslc my Dh|ns}y{oclAh`l Jhgnt* Ond. !DAJ/ gnc Oncy@gd Mgnb* F.T.M. !Oncy@gd/ !dhjjldsovljy* salH}okongsh}t/* {aoda* gs gjj }ljlvgns so`lt* {l}l dh``l}dogj gnc }ltoclnsogj jlncl}t. Sal`h}skgklt gnc jolnt hn sal `h}skgklc u}hul}solt* dhntsos|sonk sal Dl}sofodgslt |ncl}jyonkdhjjgsl}gj {l}l* gt tls fh}sa on sal Hffl}onk Chd|`lnst* sh ml sal u}ondougj th|}dl my {aodaDl}sofodgsl u|}dagtl}t {l}l sh hmsgon }lugy`lns hf salo} onvlts`lns uj|t onsl}lts. Gt gjth tlsfh}sa on sal Hffl}onk Chd|`lnst* sal Dl}sofodgsl dhjjgsl}gj {gt u|}uh}slcjy h}okongslc my salH}okongsh}t u|}t|gns sh tuldofod |ncl}{}osonk u}hdlc|}lt gnc k|ocljonlt !sal K|ocljonlt/. Sal\ncl}{}osl} hf sal Hffl}onk {gt Clflncgns \MT Tld|}osolt* JJD !\MTTLD h} sal

    =

  • 8/9/2019 Unions v Mortgage Asset Securitization Trans., UBS, Moodys, McGraw-Hill

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    Dgtl =975-dv-551?1-C@D -@F Chd|`lns 7 Fojlc 5=(==(75 Ugkl 4 hf 16

    \ncl}{}osl}/. Sal \ncl}{}osl} {gt hmjokgslc sh dhnc|ds `lgnonkf|j c|l cojoklndl sh lnt|}lsags sal ]lkots}gsohn Tsgsl`lns gnc U}htulds|t T|uujl`lns dhnsgonlc nh `gsl}ogj `ottsgsl`lnsth} h`ottohnt* ondj|conk sal tsgslc `gnnl} on {aoda sal h}skgklt agc mlln h}okongslc. Sal\ncl}{}osl} }ldlovlc `gttovl fllt fh} ost {h}b on dhnnldsohn {osa sal Hffl}onk. Mgtlc hn* onsl}gjog* sal \ncl}{}osl}t c|l cojoklndl gnc sal }lu}ltlnsgsohnt on sal ]lkots}gsohn Tsgsl`lns gncU}htulds|t }ljgsonk sh sal |ncl}{}osonk hf sal Dl}sofodgsl dhjjgsl}gj* N]T]Ht t|da gt Clflncgnst@hhcyt Onvltsh}t Tl}vodlt* Ond. !@hhcyt/ gnc Tsgncg}c & Uhh}t !T&U/ 7 !dhjjldsovljy* sal\ncl}{}osl} ]gsonkt Gklndolt h} ]gsonkt Gklndolt* gnc g}l ondj|clc {osa \MTTLD on sal

    sl}` \ncl}{ }osl} Clflncgnst/ gttoknlc sal Dl}sofodgslt g`hnk sal aokal ts }gsonkt guujodgmjl sht|da clms ott|lt. Gs sal so`l hf sal Hffl}onk* sal Dl}sofodgslt {l}l ott|lc gs guu}hqo`gsljy ug}*h} #7.55 ul} Dl}sofodgsl |nos.

    4. Fhjjh{onk sal ott|gndl hf sal Dl}sofodgslt* cotdjht|}lt mlkgn sh l`l}kl }lvlgjonksal H}okongsh}t }h|sonljy cot}lkg}clc sal |ncl}{}osonk k|ocljonlt on ost `h}skgkl jhgnh}okongsohn. Saltl cotdjht|}lt {l}l dhnfo}`lc my t|mtsgnsogjjy aokal} }gslt hf cljonw|lndolt gncfh}ldjht|}lt hn dhjjgsl}gj fh} t|da aokajy-}gslc clms ott|lt. Saltl cotdjht|}lt* gnc sal uhh}ul}fh}`gndl hf sal dhjjgsl}gj* dg|tlc sal ]gsonk Gklndolt sh }lvol{ gnc }lvotl sal }gsonktgttoknlc sh sal Dl}sofodgslt c|l sh sal fgds sags sal s}|l ngs|}l hf sal dhjjgsl}gj agc nhs mllnu}hul}jy gttlttlc gs sal so`l hf sal Hffl}onk. Sal ]gsonk Gklndolt c}g`gsodgjjy ch{nk}gclc salDl}sofodgslt c}g`gsodgjjy mlkonnonk on lg}jy =55?* }lt|jsonk f}h` sal }lvljgsohnt }lkg}conk sals}|l |ncl}{}osonk u}gdsodlt |tlc sh h}okongsl sal dhjjgsl}gj gnc sal s}|l vgj|l gnc w|gjosy hf salDl}sofodgsl dhjjgsl}gj* {aoda t|mtlw|lnsjy dg|tlc sal t|mtsgnsogj cldjonl on sal vgj|l hf salDl}sofodgslt.

    7&U ot g covotohn hf Clflncgns @ dK}g{Aojj Dh`ug nolt* Ond. !@dK }g{Aojj/.4

  • 8/9/2019 Unions v Mortgage Asset Securitization Trans., UBS, Moodys, McGraw-Hill

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    Dgtl =975-dv-551?1-C@D -@F Chd|`lns 7 Fojlc 5=(==(75 Ugkl 3 hf 16

    I\]OTCODSOHN GNC VLN\L3. Sal djgo`t gttl}slc al}lon g}otl |ncl} gnc u|}t|gns sh Tldsohnt 77* 7=!g/!=/* gnc

    7< hf sal Tl d|}osolt Gds* 7< \.T.D. ;;b* ;;7!g/!=/ gnc ;;h.

  • 8/9/2019 Unions v Mortgage Asset Securitization Trans., UBS, Moodys, McGraw-Hill

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    Dgtl =975-dv-551?1-C@D -@F Chd|`lns 7 Fojlc 5=(==(75 Ugkl < hf 16

    gs 6;; [gtaonkshn Mh|jlvg}c* Tsg`fh}c* Dhnnldsod|s 56?57 gnc 7=1< Gvln|l hf sal G`l}odgt*Nl{ _h}b* Nl{ _h}b 7557?. \MTG* gs gjj }ljlvgns so`lt* `gonsgonlc os u}ondougj hffodlt gs\MT Tsg`fh}c* Dhnnldsod|s jhdgsohn.

    ?. Clflncgns \MT ]lgj Ltsgsl Tld|}osolt* Ond. !\MT]LT/ gdslc gt sal Tuhnth} fh}sal Dl}sofodgslt ott|lc u|}t|gns sh sal ]lkots}gsohn Tsgsl`lns. \MT]LT ot g Cljg{g}lDh}uh}gsohn sags ot lnkgklc on g vg}olsy hf dguosgj `g}blst }ljgslc gdsovosolt* ondj|conk u|}dagtltgnc tgjlt hf jhgn uh}sfhjoht* tgjlt hf gttlst fh} ondj|tohn on tld|}osogsohnt gnc h}okongsohn gncgdw|otosohn hf jhgnt. \MT]LT* gs gjj }ljlvgns so`lt* `gonsgonlc ost u}ondougj hffodl gs 7=1