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Corporate trustee seeks judicial instruction on interpretation and application of waterfall payment provisions for residential mortgage-backed securitization trusts

October 2021

Client(s) Financial Institution

Jones Day represents a major corporate trustee in a New York Article 77 proceeding in which it is seeking judicial instruction concerning the interpretation and application of certain waterfall payment provisions for dozens of residential mortgage-backed securitization trusts. The matter raises novel issues concerning securitizations, and may ultimately impact hundreds of millions of dollars in distributions to investors.

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