Trustee US Bank claims that the $2bn UBS mortgage trail should be conducted in the New York federal court as the complaint is related the American Home Mortgage Corp's Monday bankruptcy trial held in the same court. The trial concerns claims UBS AG reneged on obligations to repurchase 17,000 dodgy loans with 'shady originators' including American Home Mortgage Corp. The trustee claims the Southern District of New York's bankruptcy court docket applies to this case as American Home is set to owe UBS indemnification charges following misstatements in its distribution of dodgy loans.
Trustee US Bank claims that the $2bn UBS mortgage trail should be conducted in the New York federal court as the complaint is related the American Home Mortgage Corp's 2007 bankruptcy trial held in the same court. The trial concerns claims UBS AG reneged on obligations to repurchase 17,000 dodgy loans with 'shady originators' including American Home Mortgage Corp. The trustee claims the Southern District of New York's bankruptcy court docket applies to this case as American Home is set to owe UBS indemnification charges following misstatements in its distribution of dodgy loans.