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HOME EQUITY MORTGAGE TRUST SERIES 2006-1 v. DLJ MORTGAGE CAPITAL, INC.

156016/12, 9866, 653787/12, 9865.

175 A.D.3d 1175 (2019)

109 N.Y.S.3d 231

2019 NY Slip Op 06576

Home Equity Mortgage Trust Series 2006-1 et al., Respondents, v. DLJ Mortgage Capital, Inc., Appellant, et al., Defendant. Home Equity Mortgage Trust Series 2006-5, Respondent, v. DLJ Mortgage Capital, Inc., Appellant, et al., Defendant.

Appellate Division of the Supreme Court of New York, First Department.

Decided September 17, 2019.

Attorney(s) appearing for the Case

Orrick, Herrington & Sutcliffe LLP, New York (Daniel A. Rubens of counsel), for appellant.

Quinn Emanuel Urquhart & Sullivan, LLP, New York (William B. Adams of counsel), for respondents.

Concur—Friedman, J.P., Richter, Tom, Oing, Moulton, JJ.

Plaintiffs, four residential mortgage-backed securities trusts represented by the same trustee, allege breach of contract based on the "repurchase protocol" in the trusts' governing pooling and service agreements (PSAs). The repurchase protocol states that within 120 days of the earlier of the discovery by defendant, DLJ Mortgage Capital Inc. (DLJ), as "Seller" of the mortgage loans in the trusts, or DLJ's receipt of written notice from any party of a breach of any representation...

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