ACE SECURITIES CORP., HOME EQUITY LOAN TRUST, SERIES 2006-SL2, by HSBC BANK USA, NATIONAL ASSOCIATION, as Trustee Pursuant to a POOLING AND SERVICING AGREEMENT, DATED AS OF MARCH 1, 2006, Appellant,
v.
DB STRUCTURED PRODUCTS, INC., Respondent.
Court of Appeals of New York.https://leagle.com/images/logo.png
Patterson Belknap Webb & Tyler LLP, New York City ( Erik Haas and Henry J. Ricardo of counsel), for Association of Financial Guaranty Insurers, amicus curiae.
Sullivan & Cromwell LLP, New York City ( H. Rodgin Cohen of counsel), and Sullivan & Cromwell LLP, Washington, D.C. ( Brent J. McIntosh and Jeffrey B. Wall of counsel), for Chamber of Commerce of the United States of America and another, amici curiae.
Jenner & Block LLP, Washington, D.C. ( Matthew S. Hellman of counsel), and Jenner & Block LLP, New York City ( Stephen L. Ascher of counsel), for Mortgage Bankers Association, amicus curiae.
Keller Rohrback L.L.P. ( Derek W. Loeser , admitted to the Washington bar, pro hac vice, of counsel), and Keller Rohrback L.L.P., New York City ( David S. Preminger of counsel), for Federal Home Loan Bank of Boston and others, amici curiae.
OPINION OF THE COURT
READ, J.
This appeal stems from a transaction involving residential mortgage-backed securities (RMBS). Two certificateholders in the ACE Securities Corp., Home Equity Loan Trust, Series 2006-SL2 (the Trust) sued DB Structured Products, Inc. (DBSP), the sponsor of the transaction, for failure to repurchase loans that...
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