BOSTON MORTGAGE SECURITIESCORP.; CWABS, INC.; CWALT, INC.; FBRSECURITIZATION, INC.; FIELDSTONEMORTGAGE INVESTMENTCORPORATION; FINANCIAL ASSETSECURITIES CORP.; FREMONTMORTGAGE SECURITIESCORPORATION; GS MORTGAGESECURITIES CORP.; HSI ASSETSECURITIZATION CORPORATION; J.P.MORGAN ACCEPTANCE CORPORATIONI; LONG BEACH SECURITIES CORP.;MERRILL LYNCH MORTGAGEINVESTORS, INC.; MORGAN STANLEYABS CAPITAL I INC.; MORGANSTANLEY CAPITAL I INC.; MORTGAGEASSET SECURITIZATIONTRANSACTIONS, INC.; NATIONSTARFUNDING LLC; NEW CENTURYMORTGAGE SECURITIES LLC; NEWCENTURY MORTGAGE SECURITIES,INC.; NOVASTAR MORTGAGE FUNDINGCORPORATION; PARK PLACESECURITIES, INC.; PEOPLE’S CHOICEHOME LOAN SECURITIES CORP.;POPULAR ABS, INC.; RESIDENTIALACCREDIT LOANS, INC.; RESIDENTIALASSET MORTGAGE PRODUCTS, INC.;RESIDENTIAL ASSET SECURITIESCORPORATION; SACO I INC.; SAXONASSET SECURITIES COMPANY;SECURITIZED ASSET BACKEDRECEIVABLES LLC; STANWICH ASSETACCEPTANCE COMPANY, L.L.C.;STRUCTURED ASSET MORTGAGEINVESTMENTS II INC.; andWASHINGTON MUTUAL MORTGAGESECURITIES CORP.Defendants.
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TABLE OF CONTENTS
PageI.
NATURE OF THE ACTION ..............................................................................................1
II.
JURISDICTION AND VENUE ..........................................................................................3
III.
THE PARTIES.....................................................................................................................3
a.
Plaintiff ....................................................................................................................3
b. The Wall Street Bank Defendants ............................................................................4c. The Depositor Defendants .....................................................................................11IV.
FACTUAL BACKGROUND ............................................................................................16
a. The Mechanics of Mortgage Securitization ...........................................................16b. Securitization of Mortgage Loans: The Traditional Model ...................................17c. The Systemic Violation of Underwriting and Appraisal Standards in theMortgage Securitization Industry ..........................................................................19d. The Wall Street Banks Conduct Less Due Diligence ............................................25e. Plaintiff’s Acquisition of the Securities .................................................................28V.
THE OFFERING DOCUMENTS CONTAINED UNTRUE STATEMENTS OFMATERIAL FACTS AND OMISSIONS ABOUT THE MORTGAGEORIGINATORS’ UNDERWRITING STANDARDS AND PRACTICES ......................30
a. New Century Mortgage Corporation .....................................................................311.
Defendants Made Untrue Statements of Material Facts About NewCentury’s Underwriting Standards and Practices ..................................... 31
2.
New Century Violated Its Stated Underwriting Standards ....................... 34
b. Long Beach Mortgage Company ...........................................................................391.
Defendants Made Untrue Statements of Material Facts About LongBeach’s Underwriting Standards and Practices ........................................ 39
2.
Long Beach Violated Its Stated Underwriting Standards ......................... 41
c. WaMu ....................................................................................................................491.
Defendants Made Untrue Statements of Material Facts AboutWaMu’s Underwriting Standards and Practices ...................................... 49
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