View Press Release - Gibbs & Bruns LLP
View Press Release - Gibbs & Bruns LLP
View Press Release - Gibbs & Bruns LLP
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FOR IMMEDIATE RELEASE<br />
CONTACT<br />
Kathy Patrick<br />
<strong>Gibbs</strong> & <strong>Bruns</strong> <strong>LLP</strong><br />
kpatrick@gibbsbruns.com<br />
713.751.5253<br />
INSTITUTIONAL HOLDERS ISSUE NOTICE OF NON-PERFORMANCE IDENTIFYING<br />
ALLEGED FAILURES BY SERVICER AND MASTER SERVICER TO PERFORM COVENANTS AND<br />
AGREEMENTS IN MORE THAN $28 BILLION OF MORGAN STANLEY-ISSUED RMBS AND<br />
$45 BILLION OF WELLS FARGO-ISSUED RMBS<br />
HOUSTON, September 19, 2012 – Today, the holders of significant Voting Rights in more than $28<br />
billion of Morgan Stanley-issued RMBS and $45 billion of Wells Fargo-issued RMBS sent a Notice of<br />
Non-Performance (Notice) to Morgan Stanley and Wells Fargo, as Servicer or Master Servicer,<br />
identifying specific covenants in Pooling and Servicing Agreements (PSAs) that the Holders allege<br />
Morgan Stanley and Wells Fargo have failed to perform. The Notice covers more than $5 billion of<br />
Morgan Stanley-issued RMBS and $15 billion of Wells Fargo-issued RMBS in which the Holders have<br />
25% or 50% or more of the Voting Rights, as applicable. The Notice also covers $23 billion of Morgan<br />
Stanley-issued RMBS and $30 billion of Wells Fargo-issued RMBS in which the holders have significant<br />
Voting Rights, but less than 25% or 50%, as applicable.<br />
The Holders’ Notice alleges that each of these failures has materially affected the rights of the<br />
Certificateholders and constitutes an ongoing Event of Default in the Servicer’s performance under the<br />
relevant PSAs.<br />
The Notice of Non-Performance was issued on behalf of Holders in the following Morgan Stanley and<br />
Wells-Fargo-issued RMBS:<br />
IXIS 2005-HE3 MSM 2006-3AR WFMBS 2004-CC WFMBS 2006-12<br />
IXIS 2005-HE4 MSM 2006-5AR WFMBS 2004-DD WFMBS 2006-13<br />
IXIS 2006-HE1 MSM 2006-6AR WFMBS 2004-E WFMBS 2006-14<br />
IXIS 2006-HE2 MSM 2006-7 WFMBS 2004-EE WFMBS 2006-15<br />
IXIS 2006-HE3 MSM 2006-8AR WFMBS 2004-F WFMBS 2006-16<br />
IXIS 2007-HE1 MSM 2006-9AR WFMBS 2004-G WFMBS 2006-17<br />
MSAC 2006-HE2 MSM 2007-10XS WFMBS 2004-H WFMBS 2006-19<br />
MSAC 2006-HE3 MSM 2007-11AR WFMBS 2004-I WFMBS 2006-2<br />
MSAC 2006-HE4 MSM 2007-12 WFMBS 2004-J WFMBS 2006-20<br />
MSAC 2006-HE5 MSM 2007-13 WFMBS 2004-K WFMBS 2006-3<br />
MSAC 2006-HE6 MSM 2007-14AR WFMBS 2004-L WFMBS 2006-4
MSAC 2006-HE8 MSM 2007-15AR WFMBS 2004-M WFMBS 2006-5<br />
MSAC 2006-NC2 MSM 2007-1XS WFMBS 2004-N WFMBS 2006-6<br />
MSAC 2006-NC3 MSM 2007-2AX WFMBS 2004-O WFMBS 2006-7<br />
MSAC 2006-NC4 MSM 2007-3XS WFMBS 2004-P WFMBS 2006-8<br />
MSAC 2006-WMC2 MSM 2007-5AX WFMBS 2004-Q WFMBS 2006-9<br />
MSAC 2007-HE1 MSM 2007-6XS WFMBS 2004-R WFMBS 2006-AR1<br />
MSAC 2007-HE2 MSM 2007-7AX WFMBS 2004-S WFMBS 2006-AR10<br />
MSAC 2007-HE3 MSM 2007-8XS WFMBS 2004-T WFMBS 2006-AR11<br />
MSAC 2007-HE4 SAST 2004-1 WFMBS 2004-U WFMBS 2006-AR12<br />
MSAC 2007-HE5 SAST 2004-2 WFMBS 2004-V WFMBS 2006-AR13<br />
MSAC 2007-HE6 SAST 2004-3 WFMBS 2004-W WFMBS 2006-AR14<br />
MSAC 2007-HE7 SAST 2005-1 WFMBS 2004-X WFMBS 2006-AR16<br />
MSAC 2007-NC1 SAST 2005-2 WFMBS 2004-Y WFMBS 2006-AR17<br />
MSAC 2007-NC2 SAST 2005-3 WFMBS 2004-Z WFMBS 2006-AR18<br />
MSAC 2007-NC3 SAST 2005-4 WFMBS 2005-1 WFMBS 2006-AR19<br />
MSAC 2007-NC4 SAST 2006-1 WFMBS 2005-10 WFMBS 2006-AR2<br />
MSAC 2007-SEA1 SAST 2006-2 WFMBS 2005-11 WFMBS 2006-AR3<br />
MSHEL 2006-3 SAST 2006-3 WFMBS 2005-12 WFMBS 2006-AR4<br />
MSHEL 2007-1 SAST 2007-1 WFMBS 2005-13 WFMBS 2006-AR5<br />
MSHEL 2007-2 SAST 2007-2 WFMBS 2005-14 WFMBS 2006-AR6<br />
MSIX 2006-1 SAST 2007-3 WFMBS 2005-15 WFMBS 2006-AR7<br />
MSIX 2006-2 SAST 2007-4 WFMBS 2005-16 WFMBS 2006-AR8<br />
MSM 2004-1 WFALT 2005-1 WFMBS 2005-17 WFMBS 2007-1<br />
MSM 2004-10AR WFALT 2005-2 WFMBS 2005-18 WFMBS 2007-10<br />
MSM 2004-11AR WFALT 2007-PA1 WFMBS 2005-2 WFMBS 2007-11<br />
MSM 2004-2AR WFALT 2007-PA2 WFMBS 2005-3 WFMBS 2007-12<br />
MSM 2004-3 WFALT 2007-PA3 WFMBS 2005-4 WFMBS 2007-13<br />
MSM 2004-4 WFALT 2007-PA4 WFMBS 2005-5 WFMBS 2007-14<br />
MSM 2004-5AR WFALT 2007-PA5 WFMBS 2005-6 WFMBS 2007-15<br />
MSM 2004-6AR WFALT 2007-PA6 WFMBS 2005-7 WFMBS 2007-2<br />
MSM 2004-7AR WFHET 2004-1 WFMBS 2005-8 WFMBS 2007-3<br />
MSM 2004-8AR WFHET 2004-2 WFMBS 2005-9 WFMBS 2007-4<br />
MSM 2004-9 WFHET 2005-2 WFMBS 2005-AR1 WFMBS 2007-5<br />
MSM 2005-1 WFHET 2005-3 WFMBS 2005-AR10 WFMBS 2007-6<br />
MSM 2005-10 WFHET 2005-4 WFMBS 2005-AR11 WFMBS 2007-7<br />
MSM 2005-11AR WFHET 2006-1 WFMBS 2005-AR12 WFMBS 2007-8<br />
MSM 2005-2AR WFHET 2006-3 WFMBS 2005-AR13 WFMBS 2007-9<br />
MSM 2005-3AR WFHET 2007-1 WFMBS 2005-AR14 WFMBS 2007-AR3<br />
MSM 2005-4 WFHET 2007-2 WFMBS 2005-AR15 WFMBS 2007-AR4<br />
MSM 2005-5AR WFMBS 2004-1 WFMBS 2005-AR16 WFMBS 2007-AR8<br />
MSM 2005-6AR WFMBS 2004-2 WFMBS 2005-AR2 WMLT 2005-A
MSM 2005-7 WFMBS 2004-3 WFMBS 2005-AR3 WMLT 2005-B<br />
MSM 2005-9AR WFMBS 2004-4 WFMBS 2005-AR4 WMLT 2005-WMC1<br />
MSM 2006-11 WFMBS 2004-5 WFMBS 2005-AR5 WMLT 2006-A<br />
MSM 2006-12XS WFMBS 2004-6 WFMBS 2005-AR6 WMLT 2006-ALT1<br />
MSM 2006-13AX WFMBS 2004-7 WFMBS 2005-AR7 WMLT 2006-AMN1<br />
MSM 2006-15XS WFMBS 2004-A WFMBS 2005-AR8 WMLT 2007-A<br />
MSM 2006-16AX WFMBS 2004-AA WFMBS 2005-AR9<br />
MSM 2006-17XS WFMBS 2004-B WFMBS 2006-1<br />
MSM 2006-1AR WFMBS 2004-BB WFMBS 2006-10<br />
MSM 2006-2 WFMBS 2004-C WFMBS 2006-11<br />
###<br />
ABOUT GIBBS & BRUNS <strong>LLP</strong><br />
<strong>Gibbs</strong> & <strong>Bruns</strong> is a leading boutique law firm engaging in high-stakes business and commercial<br />
litigation. The firm is renowned for its representation of both plaintiffs and defendants in complex<br />
matters, including significant securities and institutional investor litigation, director and officer liability,<br />
contract disputes, fraud and fiduciary claims, energy, oil and gas litigation, construction litigation,<br />
insurance litigation, trust and estate litigation, antitrust litigation, legal and professional malpractice, and<br />
partnership disputes. <strong>Gibbs</strong> & <strong>Bruns</strong> is routinely recognized as a top commercial litigation firm in the<br />
US. For more information, visit www.gibbsbruns.com.<br />
Contact<br />
Kathy Patrick<br />
<strong>Gibbs</strong> & <strong>Bruns</strong> <strong>LLP</strong><br />
kpatrick@gibbsbruns.com<br />
713.751.5253
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