NEW YORK — U.S. District Judge Vernon S. Broderick issued an order on May 11 directing the parties to appear for a telephonic hearing on May 26 to discuss proceedings following the Second Circuit’s April 22 decision. That appellate ruling vacated the district court’s judgment regarding investments in three real estate mortgage investment conduits (REMICs) and remanded the case for the district court to determine whether Ocwen Financial Corporation and its affiliates acted in a fiduciary capacity.
The Second Circuit’s decision affects the Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates Series 2003-27, MASTR Alternative Loan Trust 2003-5, and GSR Mortgage Loan Trust 2005-7F.
The appellate court had ordered the remand "to allow the district court to consider instance whether [Ocwen Financial Corporation and its affiliates] acted in a fiduciary capacity with respect to the mortgages underlying the three REMIC trusts."
The case is brought by Ronald E. Powell, acting as trustee of The United Food & Commercial Workers Union & Employers Midwest Pension Fund, and other plaintiffs.
Judge Broderick’s order directs the parties to appear for the May 26 hearing at 2 p.m. The dial-in number is 1-855-244-8681 with access code 2309 3085 835.