On July 10, 2015, Judge Alvin Hellerstein of the Southern District of New York granted defendant WMC Mortgage LLC's motion for judgment on the pleadings in an action brought by the Federal Housing Financial Agency ("FHFA") and Deutsche Bank National Trust Co. ("DBNTC"), in its capacity as Trustee of the SABR 2006-WM4 Trust. Judge Hellerstein held that the action was time-barred under New York's six-year statute of limitations, citing the New York Court of Appeals' decision in ACE Securities Corp., Home Equity Loan Trust, Series 2006-SL2 v. DB Structured Products, Inc. Judge Hellerstein concluded that the date on which the statute of limitations began to run was the signing date of the Pooling and Servicing Agreement, as opposed to the closing date, because the signing date was the point at which "all the right, title and interest" to the mortgage loans were transferred to the Trustee, and when all misrepresentations were made. Order.
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