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1-Federal Home Loan Bank of Boston v. IMH Assets Corp

1-Federal Home Loan Bank of Boston v. IMH Assets Corp

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Published by Martin Andelman
Part One of lawsuit filed by Federal Home Loan Bank of Boston against everyone involved in the packaging, rating and offering of $5.9 billion in mortgage-backed securities. The suit seeks recision and damages.
Part One of lawsuit filed by Federal Home Loan Bank of Boston against everyone involved in the packaging, rating and offering of $5.9 billion in mortgage-backed securities. The suit seeks recision and damages.

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Categories:Types, Research, Law
Published by: Martin Andelman on May 14, 2011
Copyright:Attribution Non-commercial

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03/23/2013

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SUFFOLK,
ss.
SUPERIORCOURTDEPARTMENT
OFTHETRIALCOURT
CIVrr~AcnON
11":'1533
No._
_F_e_d_e_r_a_l_H_o~m_e_L_o_a_.n_B_a_n_k_o_f_B_o_s_t_o_n_~,
Plaintiff(s)
v.
1MBAssets~orp
Impac.Secured
Ass~tsCorp.,
Defendanus)
SlJM1VIONS
Totheabove-namedDefendant:
Youareherebysummonedandrequiredto
serve
upon~.-",-"---'...u.LJ"""'h.W""'_-"-'J.Ja.j~""'-""""",,",,""""'_
&
UrmyLLP53StaEe
Street.Boston.
MA02£09
plaintiff'sattorney,
whose
addressis,ananswertothecomplaintwhichisherewithserveduponyou,within20
days
after
service
ofthis
summons
uponyou,exclusiveofthedayofservice.Ifyoufailtodoso,judgment
by
defaultwillbetakenagainstyouforthereliefdemandedinthecomplaint.Youarealsorequiredtofileyouranswertothecomplaintinthe
officeoftheClerk
of
this
courtat
Boston
eitherbeforeservice
upon
plaintiff'sattorneyorwithina
reasonable
timethereafter.
Unlessotherwiseprovided
by
Rule13(a),
your
answermuststateasacounterclaimanyclaimwhich
you
mayhaveagainsttheplaintiff
which
arisesoutofthetransactionoroccurrencethatisthesubjectmatteroftheplaintiff'sclaimoryouwillthereafterbebarredfrommakingsuchclaiminanyotheraction.
Witness,Barbara
J.
Rouse,Esquire,at
Boston,
the
twenty-firs
t
April,
intheyearof
OUT
Lordtwothousand
_e_l_e_v_e_n~__
~}wtb~e
dayofNons.
LThi.summonsisissuedpursuanttoR\llc4oftheMassachusettsRulesofCivilProcedure.
2.Wh~~11
mere
thiHl
one
defendant
isinvolved,
thenames
ofalldefendantsshould
appear
in
the
caption.
lfaseparatesummons
is
lIsed
foreach
defendant,eachshouldbeaddressedtotheparticulardeicndanr,3.TOPLAINTIFF'SATTORNEY;PLEASECIRCLETYPEOFACTIONJNVOLVED
(1)TORT
-·(2)
MOTORVEHICLETORT-O)CONTRACT-(4)EQUlTABLE
REUH-(5)
OTHER
FORMC1VP.I3nl
Rev.
10M.11110
 
PROOFOFSERVICEOFPROCESS
Iherebycertifyandreturnthaton,20Q__,Iservedacopyofthewithinsummons,togetherwithacopyofthecomplaintinthisaction,uponthewithin-nameddefendant,inthefollowing
manner(SeeMass.R.Civ,P.4(d)(1-5):
Dated:,200__.
N.B.TOPROCESSSERVER:-
PL!<:ASEPLACEDATEYOUMAKESERVICEOND.EFENDANTIN
THISBOXONTHEORIGINALANDONCOPYSERVEDONDEFENDANT.
,200.
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TrialCourtOfMassachusetts~SuperiorCourtDepartmcnt
'If
i
11
1
53
3
County:SUFFOLK--
I
.~~~~~-----~~~
)iX)OGTNO(S)
CIVILACTION.COVERSHEET
i
B.L.S.
r------------~~------j-
FederalHomeLoanBankofBoston
Ally
FinancialInc.,
PLAlNTlFFIS)
DEi'1MDANT(S)
etal.
~------------------------------,--------------------+-----~~==~-=--~------~,~-=~
AnoRNJ'f'
(jf
kn~\$.\~
L.':"'~(··":iI''''
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APR
so
zan
ThomasG.Shapiro,ShapiroHaber
&
UrmyLLP,
153
StateStreet,Boston,
MI\
02109
OriginCodeOriginalComplaintTYPEOFACTIONANDTRACKDESIGNATION(Seereverseside)CODENO.TYPEOFAC1'rON(sp£;'(:ify)TRACKISTHISAJURYCASE?BE
:2
Securities
Transactions
(B*)
I
(l)
Yes()No
Thefollowingisafullanddetailedstatement
OJ
thefactsonwhichplaintiffreliestodetermineengibilityin
to
1
he
Business
Litigation
Session,
"--.---~.---_---~~~..
---~---~
I
ThismatterwarrantsacceptanceintotheBusinessLitigationsessionbecausethisactionfallswithinthecategoryofcasesthatmaybeacceptedintotheBLS[claimsrelatingtoorarisingout
of
securitiestransactions
l
i
I
[TheComplaintisforrescissionanddamagesarisingfromthesale
by
certaindefendantstothePlaintiffofover$5.9billionintriple-AratedPrivateLabelMortgage-BackedSecuritiesoriginatedbynumerousdifferententities.PlaintiffsComplaintassertsclaimsagainst90defendantscomprisedofsellers,sponsors,depositors/issuers,underwritersofthesecurities,aswellasindividuals,controllingpersondefendants,successorliabilitydefendantsandratingagencydefendants.TheComplaintallegesthattheofferingmemorandaissuedinconnection
f
witheachsaleofthevariousmortgage-backedsecuritiescontainednumerousmaterialuntrue
I
statementson
which
Plaintiff
relied.
It
describesthesecuritizationandratingsprocess
and
.detailshowabandonmentofunderwritingandappraisalguidelinesandstandards
by
mortgageoriginatorsleadtodefendantsissuingloansthatfailedtoensuretheborrowers'abilitytopay
andwithout
sufficientcollateral.Asaconsequence,the
fair
valueofthesecuritiesplunged,.ultimatelyresulting
in
hundredsofmillionsofdollarsinlossestotheFederalHomeLoanBankofBoston.
I
J-'_'
_sp_e_Cl_al_T_'_<I_Cki_'_ng_Or_d_e_r_sh_"_ll_b_e_.
re_,$_te_d_b_y_t_he_p_f_e_si_dl_'D_g_JL_lS_ti_C_e_of_t_h_e_B,_us_'in_e_s_s
L_itl_'
g_at_io_n..
SessionatthoRule16
Conference.PLEASElDEl'-.1TlFY,ByCASENUMBER,
NAMEANDCOU)\!'TY,
ANY
RELATEDAcnONPENDINGIN
THESUPERIOR
COURT
DEPARTMEJ...
rr.
"Ihereb);·~~;tifyth;tih~~;;:;pli,;;:;withtherequirementsofRule5of
Ine
Supreme
j
udicalCourtUniformRules~~
Dispute
Resolution(SJCRule1:18)requiringthat!providemyclientswithinformationaboutcourt-connecteddispute
!
resolutionservicesanddiscuss
with
themadvantaglinddisadvantageaofthe
various
methods."~
!
SignatureotAttorneyofRecord_~_~__DATE,
04/",0/2~
I

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