A135898

The fresh trial legal finished res judicata prohibited Government Mortgage Financial off San Francisco’s (the bank) allege against Nationwide Monetary Company (Countrywide Economic) and you will suffered Nationwide Financial’s demurrer into earliest amended issue without get-off so you’re able to amend.

The bank appeals. They argues the latest legal erred because of the concluding res judicata prohibited its allege against Countrywide Monetary just like the [t]here try zero last judgment towards the deserves in the a previous action that could keeps provided rise to res judicata in this action. We differ and you can affirm. I conclude the fresh new philosophy out of res judicata bars new Bank’s claim facing Nationwide Financial as: (1) the newest Bank’s volunteer dismissal of its claim up against Countrywide Monetary from inside the the last step is a last judgment to the merits; and you may (2) the fresh new allege the lending company overlooked in the a past lawsuit is the same factor in step once the allege they asserts facing Countrywide Monetary in the present suit. Which have willingly dismissed that have bias says of manage people wrongdoing up against among multiple defendants because of its very own strategic factors, the bank https://paydayloanalabama.com/winfield/ will most likely not steer clear of the res judicata effects of their choice and you may sue the newest dismissed offender anew, once more alleging handle-person responsibility, into the reliance on the fresh new pendency of them same says from the leftover stars in the first step.

I deal with as the real the second accusations about Bank’s amended complaint for the intended purpose of evaluating the order sustaining Nationwide Financial’s demurrer:

Legal off Appeal, Very first Region, Section 5, Ca

In the a system called securitization, an entity originate[s] mortgage loans or acquires those fund and you can aggregates her or him into the good collateral pool otherwise mortgage pool offered to a loan company entitled a beneficial depositor. 1 The new depositor carries the newest loans to a believe, which in turn activities certificates one people-like the Lender-should buy. Will eventually before , the lending company bought 95 domestic mortgage-supported bonds away from individuals bonds dealers when you look at the 78 securitization trusts supported by home-based mortgages at a price more than $13.5 million bucks. The lending company purchased permits from inside the four securitizations away from Countrywide Ties Agency (Countrywide Ties). CWALT, Inc. (CWALT) given brand new permits during the five securitizations. Nationwide Ties frequently issued new licenses from the fifth securitization. dos

During the , the bank charged 7 bonds people which provided and you will ended up selling the new 95 residential financial-supported securities, while the agencies and this awarded new certificates or regulated one of the organizations one to given the newest licenses (Credit Suisse or even the Borrowing Suisse action). step three The fresh new crux of your Bank’s says are defendants generated not the case otherwise mistaken comments inside giving files awarded regarding the the fresh domestic financial-recognized securities the lending company purchased.

Among defendants inside the Borrowing Suisse was basically Nationwide Bonds Corporation, CWALT, and Nationwide Monetary. Because the associated right here, the lending company so-called: (1) Countrywide Securities generated incorrect otherwise misleading statements throughout the product sales away from securities in the pass of Agencies Password parts 25401 and 25501 that have esteem so you’re able to securitizations 74 by way of 78; cuatro (2) Nationwide Bonds and you may CWALT generated not the case otherwise mistaken comments from inside the violation out-of areas eleven and you can 12 of your own Securities Work of 1933 (parts eleven & 12) regarding securitizations 75 thanks to 78; and you can (3) Nationwide Monetary broken section fifteen of your own Securities Work (Part fifteen) according to their power over CWALT. Within its Section 15 allege facing Countrywide Financial, the bank alleged CWALT resided for no goal than to found and put finance into trusts. Around Section 15 ? Nationwide ? thus is likely into Bank as one and severally with, in order to the same extent as the, CWALT.

During the , the lending company submitted the newest problem about action ahead of us trying to erica Business (declaratory save action). The lending company needed an effective erica Agency-which had bought Countrywide’s property-is actually accountable for one problems Nationwide must pay into the the credit Suisse step.