November 14, 2017 / 11:24 PM / a year ago

Judge rejects sampling for lawsuit over mortgage-backed trust

Mortgage servicer Homeward Residential cannot use sampling to support its claims that California-based Sand Canyon Corp misled investors when it sold thousands of loans to a mortgage-backed securities trust, causing massive losses when the loans defaulted, a federal judge ruled.

In a decision on Monday, U.S. District Judge John Keenan in Manhattan said agreements governing the sale of the loans require Homeward to prove its breach of contract claims on a loan-by-loan basis, and a sampling exercise would not be appropriate.

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