Institutional Bondholders Issue Instructions to Two Trustees to Open Investigations of Ineligible Mortgages in Over $19 Billion of Wells Fargo-Issued RMBS

HOUSTON, Jan. 5, 2012 /PRNewswire/ -- Gibbs & Bruns LLP announced today that its clients have issued instructions to US Bank and HSBC, as Trustees, to open investigations of ineligible mortgages in pools securing over $19 billion of Residential Mortgage Backed Securities (RMBS) issued by various affiliates of Wells Fargo.  Collectively, Gibbs & Bruns' clients hold over 25% of the Voting Rights in 48 Trusts that issued these RMBS. 

"Our clients continue to seek a comprehensive solution to the problems of ineligible mortgages in RMBS pools and deficient servicing of those loans.  Today's action is another step toward achieving that goal," said Kathy D. Patrick of Gibbs & Bruns LLP, lead counsel for the Holders.     

The Holders anticipate that they may provide additional instructions to Trustees, as needed, to further the investigations.  The securities that are the subject of these instruction letters include: 

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SOURCE Gibbs & Bruns, LLP