GCG Provides Notice Regarding the Proposed RMBS Settlement
(Thomson Reuters ONE) -
LAKE SUCCESS, N.Y., March 5, 2015 (GLOBE NEWSWIRE) -- The following statement is
being issued by GCG regarding the proposed RMBS Settlement.
Dated: January 30, 2015
NOTICE REGARDING COMMENCEMENT OF A JUDICIAL INSTRUCTION PROCEEDING IN CONNECTION
WITH THE ACCEPTANCE OF THE SETTLEMENT AGREEMENT DATED AS OF APRIL 7, 2014, AS
MODIFIED (THE "SETTLEMENT AGREEMENT"), FROM CITIGROUP INC. AND ITS DIRECT AND
INDIRECT SUBSIDIARIES ("CITIGROUP").
NOTICE IS HEREBY GIVEN BY:
Deutsche Bank National Trust Company
HSBC Bank USA, National Association
Law Debenture Trust Company of New York
U.S. Bank National Association
EACH, IN ITS CAPACITY AS TRUSTEE, INDENTURE TRUSTEE, SEPARATE TRUSTEE, AND/OR
SUCCESSOR TRUSTEE OF THE ACCEPTING TRUSTS AND LOAN GROUPS (DEFINED BELOW)
(COLLECTIVELY, THE "RMBS TRUSTEES" AND EACH AN "RMBS TRUSTEE"), TO THE HOLDERS
OF CERTIFICATES, NOTES OR OTHER SECURITIES (THE "CERTIFICATEHOLDERS") OF THE
RESIDENTIAL MORTGAGE-BACKED SECURITIZATION TRUSTS AND LOAN GROUPS IDENTIFIED IN
EXHIBIT A HERETO (THE "ACCEPTING TRUSTS AND LOAN GROUPS," WHICH ARE FURTHER
IDENTIFIED BY CUSIP NUMBERS ON THE RMBS TRUSTEES' WEBSITE)(1) AND OTHER PERSONS
POTENTIALLY INTERESTED IN THE ACCEPTING TRUSTS AND LOAN GROUPS.
THE ACCEPTANCE OF THE SETTLEMENT AGREEMENT COULD MATERIALLY AFFECT THE INTERESTS
OF THE CERTIFICATEHOLDERS. CERTIFICATEHOLDERS AND OTHER NOTICE RECIPIENTS SHOULD
READ THIS NOTICE AND THE MATERIALS REFERENCED HEREIN CAREFULLY IN CONSULTATION
WITH THEIR LEGAL AND FINANCIAL ADVISORS.
THIS NOTICE CONTAINS IMPORTANT INFORMATION FOR THE CERTIFICATEHOLDERS AND OTHER
PERSONS POTENTIALLY INTERESTED IN THE RMBS TRUSTS. ALL DEPOSITORIES, CUSTODIANS
AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE, AS APPLICABLE, ARE REQUESTED TO
EXPEDITE THE RE-TRANSMITTAL OF THIS NOTICE TO CERTIFICATEHOLDERS IN A TIMELY
MANNER.
This notice is given to you by the RMBS Trustees under certain applicable
Pooling and Servicing Agreements or other similar agreements governing the
Accepting Trusts and Loan Groups (the "Governing Agreements"). Capitalized terms
used in this notice and not otherwise defined have the meanings assigned to them
in the Settlement Agreement.
ACCEPTANCE OF THE SETTLEMENT AGREEMENT
In notices to Certificateholders dated December 19, 2014 and December 31, 2014
(the "Notices"), the RMBS Trustees informed Certificateholders that they had
notified Citigroup that, following an evaluation process in which the RMBS
Trustees, among other things, considered reports prepared by expert advisors,
the RMBS Trustees each accepted the Settlement Agreement with respect to the
Accepting Trusts and Loan Groups within such trusts, subject to Final Court
Approval through a judicial instruction proceeding as set forth in Section
2.03(c) of the Settlement Agreement. The RMBS Trustees' acceptance of the
Settlement Agreement extended the Tolling Period for the Accepting Trusts and
Loan Groups as set forth in Section 2.04 of the Settlement Agreement.
The execution version of the Settlement Agreement is available on the RMBS
Trustees' Website within the tab entitled "Certain Relevant Documents"
(available at:
http://www.citigrouprmbssettlement.com/pdflib/Citigroup_RMBSTrust_Settlement_
Agreement_EXECUTION_VER.pdf). Copies of the Notices are posted on the RMBS
Trustees' Website within the tab entitled "Notices" (available at
http://www.citigrouprmbssettlement.com/notice.php).
ARTICLE 77 PROCEEDING AND IMPLICATIONS UPON
THE EFFECTIVE DATE OF THE SETTLEMENT AGREEMENT
The RMBS Trustees have commenced a judicial instruction proceeding pursuant to
CPLR § 7701, In the Matter of the Application of U.S. Bank National Association,
et al., (Index No. 653902/2014) (the "Article 77 Proceeding"), in the Supreme
Court of the State of New York, County of New York (the "Court"). In the Article
77 Proceeding, the RMBS Trustees are seeking a judgment that (i) the RMBS
Trustees' acceptance of the Settlement Agreement on behalf of the Accepting
Trusts and Loan Groups was a reasonable and good faith exercise of the RMBS
Trustees' authority under the applicable Governing Agreements, and (ii) barring
Certificateholders from asserting claims against the RMBS Trustees with respect
to the RMBS Trustees' evaluation and acceptance of the Settlement Agreement and
implementation of the Settlement Agreement in accordance with its terms. Such a
judgment, if granted, would constitute, after becoming final and non-appealable
(including the expiration of any time to apply for discretionary review), "Final
Court Approval" under and as defined in the Settlement Agreement.
On January 28, 2015, the Court entered an Order to Show Cause (available at
http://www.citigrouprmbssettlement.com/pdflib/41_Order_to_Show_Cause.pdf)
approving a notice program and directing that, among other things:
* a hearing (the "Article 77 Hearing") will be held on May 19, 2015 at 10 a.m.
at the Supreme Court of the State of New York, County of New York, 60 Centre
Street, New York, New York 10007;
* any Certificateholder or other person potentially interested in the
Accepting Trusts and Loan Groups may object to or support any aspect of the
Settlement Agreement and request to be heard at the Article 77 Hearing by
submitting a written notice prior to the Article 77 Hearing in the manner
required by the Court;
* any objections to, or submissions in favor of, the Settlement Agreement must
be filed with the Court and served upon the RMBS Trustees' counsel by April
17, 2015;
* any responses to objections or submissions in favor of, or with respect to,
the Settlement Agreement, must be filed and served by May 4, 2015;
* any Certificateholder who fails to object in the manner required by the
Court shall be deemed to have waived the right to object (including any
right of appeal) and shall be forever barred from raising such objection
before the Court or in any other action or proceeding, unless the Court
orders otherwise; and
* the Court retains jurisdiction over the RMBS Trustees, the Accepting Trusts
and Loan Groups and all Certificateholders (and their successors-in-
interests, assigns or transferees) for all matters related to the Settlement
Agreement and the Article 77 Proceeding.
Following the Article 77 Hearing, the Court will determine, among other things,
whether to grant the requested judgment and will consider other important
matters described in the Settlement Agreement. If the Court grants the requested
judgment, and such judgment becomes final and non-appealable (including the
expiration of any time to apply for discretionary review), and if the other
conditions to Final Court Approval and the effectiveness of the Settlement
Agreement are satisfied, (i) the Settlement Agreement will become effective and
(ii) all Certificateholders will be bound by the Settlement Agreement regardless
of whether they appeared in the Article 77 Proceeding or submitted any objection
to the Settlement Agreement. On its Effective Date, the Settlement Agreement
will affect the rights and interests of all Certificateholders (and their
successors-in-interests, assigns or transferees) in the Accepting Trusts and
Loan Groups, including by, among other things, releasing claims against
Citigroup on behalf of the Accepting Trusts and Loan Groups arising out of or
relating to the Rep and Warranty Claims. Please refer to the Settlement
Agreement for a complete description of the releases provided for therein.
All papers filed on the public docket for the Article 77 Proceeding have been
made available on the RMBS Trustees' Website within the tab entitled "Court
Documents - New York State Court Proceeding" (available at
http://www.citigrouprmbssettlement.com/NYcourt.php), which will be updated
periodically to include any new filings. You should also be able to obtain any
documents filed with the Court by visiting the e-Courts tab within the Court's
website (available at: http://www.nycourts.gov/).
Certificateholders should NOT direct inquiries to the Court or the Clerk of the
Court. If you have any questions, you may call (855) 382-6442 in the United
States, or (614) 779-0359 outside the United States, or send an email to
Questions(at)citigrouprmbstrusteesettlement.com.
OTHER MATTERS
This notice references certain terms of the Settlement Agreement and the Article
77 Proceeding and is not a complete summary or statement of the material terms
thereof, of relevant law or of relevant legal procedures. Certificateholders and
other potentially interested persons are urged to review carefully the
Settlement Agreement and to consider its implications, including the releases of
the Rep and Warranty Claims.
Certificateholders and other persons interested in the Accepting Trusts and Loan
Groups should not rely on the RMBS Trustees, their counsel, experts or other
advisors retained by the RMBS Trustees, as their sole source of
information. Certificateholders and other potentially interested persons are
urged to consult with their own legal and financial advisors.
Please note that this notice is not intended and should not be construed as
investment, accounting, financial, legal, tax or other advice by or on behalf of
the RMBS Trustees, or their directors, officers, affiliates, agents, attorneys
or employees. Each person or entity receiving this notice should seek the advice
of its own advisors in respect of all matters set forth herein.
Please be further advised that each of the RMBS Trustees reserves all of the
rights, powers, claims and remedies available to it under the Governing
Agreements and applicable law. No delay or forbearance by an RMBS Trustee to
exercise any right or remedy accruing upon the occurrence of a default, or
otherwise under the terms of the Governing Agreements, other documentation
relating thereto or under applicable law, shall impair any such right or remedy
or constitute a waiver thereof or an acquiescence therein.
Each of the RMBS Trustees expressly reserves all rights in respect of each
applicable Governing Agreement, including without limitation its right to
recover in full its fees and costs (including, without limitation, fees and
costs incurred or to be incurred by such RMBS Trustee in performing its duties,
indemnities owing or to become owing to such RMBS Trustee, compensation for such
RMBS Trustee's time spent and reimbursement for fees and costs of counsel and
other agents it employs in performing its duties or to pursue remedies) and its
right, prior to exercising any rights or powers in connection with any
applicable Governing Agreement at the request or direction of any
Certificateholder, to receive security or indemnity satisfactory to it against
all costs, expenses and liabilities that might be incurred in compliance
therewith, and all rights that may be available to it under applicable law or
otherwise.
Deutsche Bank National Trust Company
HSBC Bank USA, National Association
Law Debenture Trust Company of New York
U.S. Bank National Association
each acting in its capacity as trustee, separate trustee, successor trustee, or
other similar capacities of the RMBS Trusts
EXHIBIT A
List of Accepting Trusts and Loan Groups
Accepted subject to Final Court Approval through a judicial instruction
proceeding as set forth in Section 2.03(c) of the Modified Proposed Settlement
Agreement
U.S. Bank National Association, as Trustee
CMLTI 2005-1 Group I
CMLTI 2005-1 Group II-1
CMLTI 2005-1 Group II-2
CMLTI 2005-1 Group III
CMLTI 2005-10 Group I-1
CMLTI 2005-10 Group I-2
CMLTI 2005-10 Group I-3
CMLTI 2005-10 Group I-4
CMLTI 2005-10 Group I-5
CMLTI 2005-10 Group II
CMLTI 2005-11 Group I
CMLTI 2005-11 Group II
CMLTI 2005-11 Group III
CMLTI 2005-2 Group I-1
CMLTI 2005-2 Group I-2
CMLTI 2005-2 Group I-3
CMLTI 2005-2 Group I-4
CMLTI 2005-2 Group I-5
CMLTI 2005-2 Group II-1
CMLTI 2005-2 Group II-2
CMLTI 2005-3 Group I
CMLTI 2005-3 Group II-1
CMLTI 2005-3 Group II-2
CMLTI 2005-3 Group II-3
CMLTI 2005-3 Group II-4
CMLTI 2005-3 Group III
CMLTI 2005-4 Total Pool
CMLTI 2005-5 Group I-1
CMLTI 2005-5 Group I-2
CMLTI 2005-5 Group I-3
CMLTI 2005-5 Group I-4
CMLTI 2005-5 Group I-5
CMLTI 2005-5 Group II-1
CMLTI 2005-5 Group II-2
CMLTI 2005-5 Group II-3
CMLTI 2005-5 Group III-1
CMLTI 2005-5 Group III-2
CMLTI 2005-5 Group III-3
CMLTI 2005-5 Group III-4
CMLTI 2005-5 Group III-5
CMLTI 2005-6 Group I
CMLTI 2005-6 Group II
CMLTI 2005-6 Group III
CMLTI 2005-7 Group 1-1
CMLTI 2005-7 Group 1-2
CMLTI 2005-7 Group 1-3
CMLTI 2005-7 Group 1-4
CMLTI 2005-7 Group II-1
CMLTI 2005-7 Group II-2
CMLTI 2005-7 Group II-3
CMLTI 2005-7 Group II-4
CMLTI 2005-7 Group II-5
CMLTI 2005-8 Group I-1
CMLTI 2005-8 Group I-2
CMLTI 2005-8 Group I-3
CMLTI 2005-8 Group I-4
CMLTI 2005-8 Group II
CMLTI 2005-8 Group III
CMLTI 2005-9 Group I
CMLTI 2005-9 Group II-1
CMLTI 2005-9 Group II-2
CMLTI 2005-9 Group II-3
CMLTI 2005-HE1 Group I
CMLTI 2005-HE1 Group II
CMLTI 2005-HE1 Group III
CMLTI 2005-HE3 Group I
CMLTI 2005-HE3 Group II
CMLTI 2005-HE4 Group I
CMLTI 2005-HE4 Group II
CMLTI 2005-WF1 Total Pool
CMLTI 2005-WF2 Group I
CMLTI 2005-WF2 Group II
CMLTI 2006-4 Group II
CMLTI 2006-4 Group I
CMLTI 2006-AMC1 Group I
CMLTI 2006-AMC1 Group II
CMLTI 2006-AR1 Group I
CMLTI 2006-AR1 Group II
CMLTI 2006-AR1 Group III
CMLTI 2006-AR2 Group I-1
CMLTI 2006-AR2 Group I-2
CMLTI 2006-AR2 Group II
CMLTI 2006-AR3 Group 1-1
CMLTI 2006-AR3 Group 1-2
CMLTI 2006-AR3 Group 2-1
CMLTI 2006-AR3 Group 2-2
CMLTI 2006-AR3 Group 2-3
CMLTI 2006-AR3 Group 2-4
CMLTI 2006-AR5 Group 1-1
CMLTI 2006-AR5 Group 1-2
CMLTI 2006-AR5 Group 1-3
CMLTI 2006-AR5 Group 1-4
CMLTI 2006-AR5 Group 1-5
CMLTI 2006-AR5 Group 1-6
CMLTI 2006-AR5 Group 1-7
CMLTI 2006-AR5 Group 2-1
CMLTI 2006-AR5 Group 2-2
CMLTI 2006-AR5 Group 2-3
CMLTI 2006-AR5 Group 2-4
CMLTI 2006-AR5 Group 2-5
CMLTI 2006-AR5 Group 2-6
CMLTI 2006-AR5 Group 2-7
CMLTI 2006-AR6 Group 1
CMLTI 2006-AR6 Group 2
CMLTI 2006-AR7 Group 1-1
CMLTI 2006-AR7 Group 1-2
CMLTI 2006-AR7 Group 1-3
CMLTI 2006-AR7 Group 1-4
CMLTI 2006-AR7 Group 2-1
CMLTI 2006-AR7 Group 2-2
CMLTI 2006-AR7 Group 2-3
CMLTI 2006-AR7 Group 2-4
CMLTI 2006-AR9 Group 1
CMLTI 2006-AR9 Group 2
CMLTI 2006-FX1 Total Pool
CMLTI 2006-HE1 Total Pool
CMLTI 2006-HE2 Group I
CMLTI 2006-HE2 Group II
CMLTI 2006-HE3 Group I
CMLTI 2006-HE3 Group II
CMLTI 2006-NC1 Group I
CMLTI 2006-NC1 Group II
CMLTI 2006-NC2 Group I
CMLTI 2006-NC2 Group II
CMLTI 2006-NCB1 Group I
CMLTI 2006-NCB1 Group II
CMLTI 2006-WF1 Group I
CMLTI 2006-WF1 Group II
CMLTI 2006-WF2 Group I
CMLTI 2006-WF2 Group II
CMLTI 2006-WFH1 Total Pool
CMLTI 2006-WFH2 Total Pool
CMLTI 2006-WFH3 Total Pool
CMLTI 2006-WFH4 Total Pool
CMLTI 2006-WMC1 Group I
CMLTI 2006-WMC1 Group II
CMLTI 2007-10 Group 1
CMLTI 2007-10 Group 2-1
CMLTI 2007-10 Group 2-2
CMLTI 2007-10 Group 2-3
CMLTI 2007-10 Group 2-4
CMLTI 2007-10 Group 2-5
CMLTI 2007-10 Group 3-1
CMLTI 2007-10 Group 3-2
CMLTI 2007-10 Group 3-3
CMLTI 2007-2 Group 1
CMLTI 2007-2 Group 2
CMLTI 2007-6 Group 1-1
CMLTI 2007-6 Group 1-2
CMLTI 2007-6 Group 1-3
CMLTI 2007-6 Group 1-4
CMLTI 2007-6 Group 2
CMLTI 2007-AHL1 Group I
CMLTI 2007-AHL1 Group II
CMLTI 2007-AHL2 Group II
CMLTI 2007-AHL3 Group I
CMLTI 2007-AHL3 Group II
CMLTI 2007-AHL3 Group III
CMLTI 2007-AMC1 Group I
CMLTI 2007-AMC1 Group II
CMLTI 2007-AMC2 Group II
CMLTI 2007-AMC2 Group III
CMLTI 2007-AMC3 Group I
CMLTI 2007-AMC4 Group I
CMLTI 2007-AMC4 Group II
CMLTI 2007-AR1 Total Pool
CMLTI 2007-AR4 Group 1
CMLTI 2007-AR4 Group 2-1
CMLTI 2007-AR4 Group 2-2
CMLTI 2007-AR4 Group 2-3
CMLTI 2007-AR5 Group 1-1
CMLTI 2007-AR5 Group 1-2
CMLTI 2007-AR5 Group 1-3
CMLTI 2007-AR5 Group 2-1
CMLTI 2007-AR5 Group 2-2
CMLTI 2007-AR7 Group 1
CMLTI 2007-AR7 Group 5
CMLTI 2007-AR8 Group 1-1
CMLTI 2007-AR8 Group 1-2
CMLTI 2007-AR8 Group 1-3
CMLTI 2007-AR8 Group 2
CMLTI 2007-FS1 Group I
CMLTI 2007-FS1 Group II
CMLTI 2007-OPX1 Total Pool
CMLTI 2007-WFH1 Total Pool
CMLTI 2007-WFH2 Total Pool
CMLTI 2007-WFH3 Total Pool
CMLTI 2007-WFH4 Group I
CMLTI 2007-WFH4 Group II
CMLTI 2008-2 Group I
CMLTI 2008-2 Group II
Deutsche Bank National Trust Company, as Trustee
CMLTI 2005-OPT1 Total Pool
CMLTI 2005-OPT3 Total Pool
HSBC Bank USA, National Association as Trustee
CMLTI 2005-HE2 Total Pool
CMLTI 2005-SHL1 Total Pool
CMLTI 2007-SHL1 Total Pool
Law Debenture Trust Company of New York, as Separate Trustee
CMLTI 2005-OPT4 Group I
CMLTI 2005-OPT4 Group II
CMLTI 2006-SHL1 Total Pool
(1)CUSIP numbers appearing on the website maintained by the RMBS Trustees
located at http://www.citigrouprmbssettlement.com (the "RMBS Trustees' Website")
at the tab entitled "List of RMBS Trusts" (available at
http://www.citigrouprmbssettlement.com/pdflib/CGU%20Citigroup%20RMBS%20Trusts_
6.13.14%20302pm.pdf) have been included solely for the convenience of the
Certificateholders and pertain to trusts in addition to the Accepting Trusts and
Loan Groups. The RMBS Trustees assume no responsibility for the selection or use
of such CUSIP numbers and make no representations as to their correctness.
CONTACT: Media Contact(s): Lael Dowd, GCG, 703.447.4920
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: GCG via GlobeNewswire
[HUG#1897904]
Unternehmensinformation / Kurzprofil:
Datum: 05.03.2015 - 15:00 Uhr
Sprache: Deutsch
News-ID 376493
Anzahl Zeichen: 20234
contact information:
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