A settlement was reached in the lawsuit filed on behalf of certain investors of Mortgage Pass-Through Certificates that were issued by the IndyMac Trusts and a deadline to submit the settlement claim is upcoming on: January 28 2015. Investors of Mortgage Pass-Through Certificates that were issued by the IndyMac Trusts should contact the Shareholders Foundation or send an email to firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 12/08/2014 -- A deadline is coming up on January 28, 2015 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Mortgage Pass-Through Certificates issued by the IndyMac Trusts.
Investors who purchased a significant amount of the below listed IndyMac Mortgage-Backed Securities have certain options and should contact the Shareholders Foundation by email at email@example.com or call +1(858) 779 - 1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the IndyMac Mortgage-Backed Securities Investor Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/indymac-mortgage-backed-securities-inc-investor-class-action-lawsuit-05142009
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is January 28, 2014. The class action administrator for this case is Rust Consulting, Inc.
The lawsuit was originally filed in in the U.S District Court for the Southern District of New York against IndyMac Trusts over alleged violations of Federal Securities Laws in connection with and/or pursuant to or traceable to a registration statement filed by IndyMac Trusts with the SEC on form S-3 on February 24, 2006 (as amended on March 29, 2006 and April 13, 2006).
This action arises from IndyMac Trusts' sale of mortgage pass-through certificates, issued pursuant to the Offering Materials, which negligently omitted material information. The Offering Materials explained the structure of the IndyMac Trusts and provided a description of the Certificates. The Offering Materials further explained the structure of the IndyMac Trusts and provided a description of the Certificates. The Offering Materials state that IndyMac Trusts intended to sell $40 billion in mortgage pass-through Certificates through a yet-to-be-determined number of individual entities created solely to issue the Certificates. The Certificates would be issued pursuant to the Offering Materials and each series of Certificate was floated pursuant to a Supplemental Prospectus that referred back the Registration Statement.
The complaint asserts that the Offering Materials contained both material misstatements and omissions, which investors relied upon to their detriment. The Offering Materials negligently omitted certain information because IndyMac Trusts was suffering from several adverse factors that were not revealed, or adequately disclosed in the Offering Materials. These factors include, but are not limited to, (i) the failure to disclose IndyMac Trusts's actual underwriting practices; (ii) the retention of biased appraisers that delivered appraisals in excess of the actual property value, which in turn distorted the reported loan-to-value ratio; and (iii) the failure to prevent and remedy such improper and harmful actions that resulted in the decline in the Certificates' value.
The Underwriters were obligated to conduct meaningful due diligence to ensure that the Offering Materials contained no material misstatements or omissions, including the stated manner in which the mortgages had been originated. The Underwriters received massive fees for their work in connection with the Offerings. Based on, inter alia, the Underwriters'alleged due diligence and the representations in the Offering Materials relating to the underwriting of the Certificate collateral, rating agencies such as Moody's Investors Service, Inc. Standard & Poor's, and Fitch Ratings assigned the Certificates among the highest ratings applicable to such debt issues.
Following the issuance of the Certificates, disclosures began to emerge revealing that IndyMac Trusts routinely disregarded the underwriting guidelines in its mortgage loan origination. These disclosures were confirmed by substantially higher rates of delinquencies and foreclosures on collateral for such highly-rated debt issues. These disclosures, and the poor performance of the collateral, caused the Underwriter Rating Agencies to review and revise the ratings assigned.
In 2012, there was a settlement with individual defendants in reference to the following certificates:
IndyMac INDA Mortgage Loan Trust 2006-AR1, IndyMac INDA Mortgage Loan Trust 2006-AR2, IndyMac INDA Mortgage Loan Trust 2006-AR3, IndyMac INDA Mortgage Loan Trust 2007-AR1, IndyMac INDA Mortgage Loan Trust 2007-AR3, IndyMac INDA Mortgage Loan Trust 2007-AR7, IndyMac INDX Mortgage Loan Trust 2006-AR2, IndyMac INDX Mortgage Loan Trust 2006-AR3, IndyMac INDX Mortgage Loan Trust 2006-AR4, IndyMac INDX Mortgage Loan Trust 2006-AR7, IndyMac INDX Mortgage Loan Trust 2006-AR11, IndyMac INDX Mortgage Loan Trust 2006-AR12, IndyMac INDX Mortgage Loan Trust 2006-AR14, IndyMac INDX Mortgage Loan Trust 2006-AR15, IndyMac INDX Mortgage Loan Trust 2006-AR19, IndyMac INDX Mortgage Loan Trust 2006-AR25, IndyMac INDX Mortgage Loan Trust 2006-AR29, IndyMac INDX Mortgage Loan Trust 2006-AR31, IndyMac INDX Mortgage Loan Trust 2006-AR33, IndyMac INDX Mortgage Loan Trust 2006-AR35, IndyMac INDX Mortgage Loan Trust 2006-FLX1, IndyMac INDX Mortgage Loan Trust 2007-AR5, IndyMac INDX Mortgage Loan Trust 2007-FLX1, IndyMac INDX Mortgage Loan Trust 2007-FLX3, IndyMac MBS Home Equity Mortgage Loan Asset-Backed Trust, Series INABS 2006-D, IndyMac Residential Mortgage-Backed Trust, Series 2006-L2, Residential Asset Securitization Trust 2006-A2, Residential Asset Securitization Trust 2006-A7CB
Those who purchased the certificates mentioned above in the settlement with the underwriter defendants have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego