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Lehman XS Trust, Series 2006-4N v. GreenPoint Mortg. Funding, Inc.

United States District Court, S.D. New York

January 10, 2014

LEHMAN XS TRUST, SERIES 2006-4N, by U.S. BANK NATIONAL ASSOCIATION, solely in its capacity as Trustee, Plaintiff, -
v.
- GREENPOINT MORTGAGE FUNDING, INC., Defendant

For Plaintiff: Jennifer J. Barrett, Esq., Maya Daria Cater, Esq., Philippe Zuard Selendy, Esq., Sean Patrick Baldwin, Esq., Quinn Emanuel Urquhart & Sullivan LLP, New York, NY.

For Defendant: James Alwin Murphy, Esq., Cameron S. Matheson, Esq., Murphy & McGonigle, P.C., Glen Allen, VA; James K. Goldfarb, Esq., Soren Elliot Packer, Esq., Murphy & McGonigle, P.C., New York, NY; Theodore R. Snyder, Esq., Murphy & McGonigle, P.C., New York, NY.

OPINION

Page 473

OPINION AND ORDER

Shira A. Scheindlin, U.S.D.J.

I. INTRODUCTION

Plaintiff U.S. Bank National Association (the " Trustee" ), as Trustee for Lehman XS Trust, Series 2006-4N (the " Trust" ), brings this diversity action for breach of contract against GreenPoint Mortgage Funding, Inc. (" GreenPoint" ).[1] GreenPoint moves to dismiss all claims as time-barred.[2] For the following reasons, GreenPoint's motion to dismiss is granted.

Page 474

II. BACKGROUND

Lehman Brothers Bank, FSB (" Lehman" ) bought groups of residential mortgage loans from GreenPoint and Countrywide Home Loans, Inc. (" Countrywide" ) in 2006, pursuant to a Flow Mortgage Loan Purchase and Warranties Agreement executed on December 12, 2001 (the " Purchase Agreement" ).[3] Through a series of assignments, these loans were ultimately deposited into the Trust, securitized and issued in the form of certificates (the " Certificates" ) and sold to investors (the " Certificateholders" ).[4] The Trust is collateralized by 4,001 mortgage loans with an original principal balance of over $1.3 billion, of which nearly 2,700 loans were originated by GreenPoint (the " Loans" ).[5] The Trust Agreement (the " Trust Agreement" ) assigned the Trustee all of the right, title, and interest in the Loans for the Certificateholders' benefit, including the right to bring the present action to enforce GreenPoint's obligations under the Purchase Agreement.[6]

A. The Purchase Agreement

1. Seller Representations

Through several representations in the Purchase Agreement, GreenPoint guaranteed the accuracy of the information that it provided regarding the credit quality and the characteristics of the Loans (the " Seller Representations" ).[7] In relevant part, GreenPoint promised that the Purchase Agreement does not " contain[ ] any untrue statement of fact or omits to state a fact necessary to make the statements contained therein not misleading." [8] GreenPoint also affirmed that its " decision to originate any mortgage loan . . . is an independent decision based upon [GreenPoint's] Underwriting Guidelines," and not ...


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