Countrywide MBS investors emerge from shadows as deadline looms Thomson Reuters News Insight
30.08.11
Last October, when BofA's proposed $8.5 billion settlement of Countrywide mortgage-backed securities breach of contract claims was just a twinkle in Kathy Patrick's eye, David Grais of Grais & Ellsworth told me that one of the biggest problems for lawyers representing disgruntled MBS noteholders was the investors' reluctance to come forward. Noteholders were afraid to provoke the banks that issued mortgage-backed securities, Grais said, so they didn't want to sue under their own names. That's why one of Grais & Ellsworth's early put-back cases was filed on behalf of an ad hoc coalition of anonymous Countrywide MBS investors operating under the name Walnut Place.
It's also why the Gibbs & Brun investor group that negotiated the BofA deal made such a splash. Kathy Patrick's big institutional investor clients, including Pimco, BlackRock, and the New York Federal Reserve's Maiden Lane funds, showed their faces when they offered public support for the proposed $8.5 billion settlement. In fact, after Grais's Walnut Place investors filed an objection to the proposed deal, supporters of the settlement drew a contrast between the Gibbs group's public face and Walnut's anonymity.
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