Cases & Deals

Wells Fargo defends against complaint filed by Nomura Credit & Capital Inc. alleging representations and warranties breach

Clients Wells Fargo Bank, National Association

Jones Day is representing Wells Fargo, National Association in a third-party complaint filed by Nomura Credit & Capital, Inc., the mortgage loan seller of six RMBS trusts.

Nomura Credit & Capital, Inc. the mortgage loan seller of six RMBS trusts, sued Wells Fargo Bank, N.A. in a third-party complaint alleging breach of contract (for monetary damages) against Wells Fargo, in its capacity as Master Servicer (and for two trusts, as Servicer). First party plaintiff HSBC Bank USA, as Trustee of the six trusts, instituted repurchase litigation against Nomura, alleging that Nomura breached its mortgage loan representations and warranties and has since refused to repurchase the loans subsequent to HSBC's demands. In turn, Nomura impleaded Wells Fargo and alleges that Wells Fargo breached the contract by failing to notify Nomura when it discovered the breaches of representation and warranties. As a result, Nomura alleges that it lost the benefit of its bargain to replace mortgage loans.

NAAC 2006-S4 v. Nomura Credit & Capital, Inc. v. Wells Fargo Bank, N.A. and Ocwen Loan Servicing, LLC, Index No. 653390; NAAC 2006-S3 v. Nomura Credit & Capital, Inc. v. Wells Fargo Bank, N.A. and Ocwen Loan Servicing, LLC, Index No. 652619; NAAC 2006-FM2 v. Nomura Credit & Capital, Inc. v. Wells Fargo Bank, N.A. and Ocwen Loan Servicing, LLC, Index No. 653783; NAAC 2006-AF2 v. Nomura Credit & Capital, Inc. v. Wells Fargo Bank, N.A., Index No. 652614; NHEL 2007-2 v. Nomura Credit & Capital, Inc. v. Wells Fargo Bank, N.A. and Ocwen Loan Servicing, LLC, Index No. 650337; NHEL 2007-3 v. Nomura Credit & Capital, Inc. v. Wells Fargo Bank, N.A. and Ocwen Loan Servicing, LLC, Index No. 651124; All are N.Y. Supreme Court New York County

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