On February 25, 2015, Judge P. Kevin Castel of the S.D.N.Y.
issued an opinion denying reconsideration of a January 9, 2015
order that granted in part and denied in part the parties'
competing motions for summary judgment in MASTR Adjustable Rate
Mortgages Trust 2006-OA2 v. UBS Real Estate Secs., Inc.,
1:12-cv-07322 (S.D.N.Y.). The plaintiff trusts moved the
court for reconsideration of the prior ruling to the extent it (i)
denied the trusts' motion for summary judgment as to a
purported repurchase obligation for a specified percentage of the
underlying loan pool based on statistical sampling, and (ii)
dismissed the trusts' claims based on a "pervasive
breach" theory. First, the Court concluded that
plaintiff's submission of the results of their experts'
re-underwriting of a sample of loans in which the experts concluded
that 37% of the sampled loans were "materially defective"
was not sufficient to require repurchase of 37% of the entire loan
pool. Judge Castel
