ACR Systems, Inc. v. Woori Bank
Filing
143
ORDER: Having considered both letters, it is hereby ORDERED that Plaintiff provide the Court and Defendant with a summary of the newly discovered evidence referred to in Plaintiff's letters of September 19, 2019 (ECF No. 139) and September 23, 2 019 (ECF No. 142) via ECF by no later than September 27, 2019. If the evidence is a document or set of documents, the Plaintiff is ORDERED to attach copies to that summary. (As further set forth in this Order.) It is FURTHER ORDERED that this information appear in the affidavits that Plaintiff files from Eitan Levy, Oren Levy, or anyone else with knowledge of the typewriter or word processor. (Signed by Judge John F. Keenan on 9/23/2019) (cf)
Case 1:09-md-02013-PAC Document 57
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
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In re FANNIE MAE 2008 SECURITIES
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LITIGATION
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Filed 09/30/10 Page 1 of 45
USDC SDNY
DOCUMENT
ELECTRONICALLY FILED
DOC #: _________________
DATE FILED: 09/23/2019
08 Civ. 7831 (PAC)
09 MD 2013 (PAC)
OPINION & ORDER
HONORABLE PAUL A. CROTTY, United States District Judge:
BACKGROUND1
The early years of this decade saw a boom in home financing which was fueled, among
other things, by low interest rates and lax credit conditions. New lending instruments, such as
subprime mortgages (high credit risk loans) and Alt-A mortgages (low-documentation loans)
kept the boom going. Borrowers played a role too; they took on unmanageable risks on the
assumption that the market would continue to rise and that refinancing options would always be
available in the future. Lending discipline was lacking in the system. Mortgage originators did
not hold these high-risk mortgage loans. Rather than carry the rising risk on their books, the
originators sold their loans into the secondary mortgage market, often as securitized packages
known as mortgage-backed securities (“MBSs”). MBS markets grew almost exponentially.
But then the housing bubble burst. In 2006, the demand for housing dropped abruptly
and home prices began to fall. In light of the changing housing market, banks modified their
lending practices and became unwilling to refinance home mortgages without refinancing.
1
Unless otherwise indicated, all references cited as “(¶ _)” or to the “Complaint” are to the Amended Complaint,
dated June 22, 2009. For purposes of this Motion, all allegations in the Amended Complaint are taken as true.
1
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