GE Mortgage Holding, LLC Motion For Summary Judgment Denied

On July 30, 2015, District Judge Denise Cote of the Southern District of New York denied GE Mortgage Holding LLC's ("GEMH") motion for summary judgment in a repurchase action brought by the RMBS Trustee for the GE-WMC 2006-1 Trust. GEMH moved for summary judgment arguing that unambiguous language in the Pooling and Service Agreement barred the Trustee from pressing loan repurchase claims against GEMH, claiming that it provided only for such claims against the originator, an affiliate of GEMH's. Judge Cote denied summary judgment finding that reasonable people could disagree with GEMH's read of the agreement, pointing to other relevant contract provisions and the title of the section at issue as potentially supporting an alternate interpretation. Opinion and Order.