Gibbs & Bruns LLP, the Houston-based law firm that represented institutional investors in the $8.5 billion settlement with Countrywide, has announced that its clients have instructed trustees to open investigations of mortgage pools securing more than $95 billion of residential mortgage-backed securities (RMBS) issued by various affiliates of JPMorgan Chase.
According to Gibbs & Bruns LLP, the clients, which hold more than 25% of the voting rights in 243 trusts that issued the RMBS in question, have told trustees BNY Mellon, US Bank, Wells Fargo, Citibank and HSBC to open investigations. The affected RMBS deals were issued between 2005 and 2007.
‘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 Gibbs & Bruns attorney Kathy D. Patrick in a statement.
According to the statement, the bondholders anticipate they may provide additional instructions to the trustees, as needed, to further the investigations.