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Securities Regulation, Keyed to Choi
NECA-IBEW Health & Welfare Fund v. Goldman Sachs & Co.
Citation:
693 F.3d 145 (2012)Facts
NECA-IBEW Health & Welfare Fund purchased approximately $390,000 of Class A2A Certificates from the GSAA Home Equity Trust 2007-10 in October 2007 and approximately $50,000 of Class 1AV1 Certificates from Group 1 of the GSAA Home Equity Trust 2007-5 in May 2008. These certificates were part of seventeen separate offerings of mortgage-backed securities underwritten by Goldman Sachs entities, all using the same shelf registration statement but with unique prospectus supplements for each offering. The certificates were backed by pools of residential mortgage loans acquired through Goldman Sachs’ Conduit Program from various originators including National City, Countrywide, GreenPoint, Wells Fargo, SunTrust, and Washington Mutual. NECA alleged that the offering documents contained false representations about loan underwriting standards, borrower income verification, and property appraisals, claiming that originators systematically abandoned their stated guidelines and approved loans for borrowers unable to repay them. The complaint alleged that approximately thirty-five to forty percent of loans in the trusts were made without proper determination of repayment ability and that property appraisals were inflated by nine percent or more in significant portions of the loan pools.
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