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DEUTSCHE BANK NATIONAL TRUST COMPANY vs WMC MORTGAGE L.L.C., GE | Breach of Contract – 6 MILLION to 3,399 borrowers (the “Mortgage Loans”) – then grouped or “pooled” the loans and sold them to the Trust

DEUTSCHE BANK NATIONAL TRUST COMPANY vs WMC MORTGAGE L.L.C., GE | Breach of Contract – 6 MILLION to 3,399 borrowers (the “Mortgage Loans”) – then grouped or “pooled” the loans and sold them to the Trust

This is a breach of contract action concerning a transaction known as a mortgage securitization. WMC, GE Capital’s wholly-owned subsidiary, “originated” or made loans totaling more than $666 million to 3,399 borrowers (the “Mortgage Loans”), then grouped or “pooled” the loans and sold them to the Trust. Investors in the Trust, known as “Certificateholders,” were supposed to receive income as the borrowers repaid the Mortgage Loans.

 

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