18. Wells Fargo, together with its affiliates, is involved in virtually all aspects of the private-label RMBS market. For example, Wells Fargo originated approximately $1.5 trillion in residential mortgages between 2004 and 2008 that were sold and securitized in various RMBS. Wells Fargo also sponsored approximately 160 RMBS securitizations between 2004 and 2008 with an original face amount of approximately $165 billion. Finally, Wells Fargo, together with several of its loan servicing arms including America’s Servicing Company, is one of the largest mortgage loan servicing businesses in the United States, serving as master servicer for approximately $1.16 trillion in RMBS issued between 2004 and 2008.
67. On November 19, 2013, the Justice Department (“DOJ”), along with federal and state regulators, announced a $13 billion settlement with JPMorgan - the largest settlement with a single entity in American history - to resolve federal and state civil claims arising out of the packaging, marketing, sale and issuance of 1,128 RMBS offerings by JPMorgan, Bear Stearns and WaMu prior to January 1, 2009. As part of the settlement, JPMorgan acknowledged that it regularly included loans within the securitizations “that did not comply with the originator’s underwriting guidelines” and breached the originator’s representations and warranties. Significantly, the DOJ-JPMorgan settlement covered fifty-five of the Trusts. See Exhibit 11.
154. On December 16, 2011, investors provided notice to Wells Fargo and four other RMBS trustees of, among other things, master servicer violations by JPMorgan and JPMorgan predecessor entities (Bear Stearns and WaMu) in connection with $95 billion of RMBS issued by various affiliates of JP Morgan from 55 trusts issued between 2005 and 2007.
166. For example, in August 2009, after learning of seller breaches of representations and warranties, Deutsche Bank took it upon itself to preserve trust claims by filing a proof of claim in the WaMu bankruptcy proceeding and prosecuting a putback lawsuit against potential WaMu successors JPMorgan and the Federal Deposit Insurance Corp. (“FDIC”) to force these third parties to reimburse the Trusts for defective loans sold to 99 WaMu label Trusts.
"Yes it is most certainly related to us IMHO"
Quote: "SAN FRANCISCO--(BUSINESS WIRE)-- Wells Fargo Bank, N.A., and a group of institutional investors, including funds affiliated with BlackRock, Inc. and PIMCO, announced today that they have reached a settlement that resolves two class action lawsuits in federal and state court related to Wells Fargo’s role as trustee for certain residential mortgage-backed securities (RMBS) trusts created more than a decade ago."
The agreement, which is subject to approval by the court, resolves claims regarding the fulfillment of Wells Fargo’s duties as trustee — including providing certain notifications to certificateholders — for 271 RMBS trusts created between 2004 and 2008. Wells Fargo’s duties were limited to administering the trusts, and it had no role in the origination or servicing of the mortgages at issue. The agreement resolves a significant portion of the claims asserted against the company in connection with its role as trustee for RMBS trusts. Separate lawsuits filed by certain other institutional investors concerning 58 trusts are not covered by the agreement.
News 
Market Data 
Discover 
