CASES
Washington Mutual Asset Acceptance Corp.
Summary of Case:
Summary of the Case:
A securities class action has been filed against Washington Mutual Asset Acceptance Corp. ("Washington Mutual" or the "Company") on behalf of all persons who purchased or acquired Washington Mutual Mortgage Pass- Through Certificate Series WAMU 2007- 0A4, WAMU 2007- 0A5, WAMU 2007- 0A6, WMALT 2007- 0A4, WMALT 2007- 0A5, WMALT 2007- 0C1, WMALT 2007- 0C2, WMALT 2007-3, WMALT 2006- 4 and WMALT 2006-5("certificates") pursuant and traceable to the Registration Statement and Prospectuses issued in connection with the Offerings from the effective date through the date of the filing of this action, in the United States District Court for the Western District of Washington.
The complaint alleges that Defendants knowingly and/or recklessly engaged and participated in a continuous course and scheme of deceitful conduct to inflate the value of appraisals to close more home loans so that they could increase the volume and value of the loans they were selling to plaintiff and the Class as securitized Mortgage Backed-Securities ("MBS"). Defendants engaged in acts, practices and a course of conduct that included misrepresenting the true nature of appraisals performed on properties serving as collateral for the MBS sold to Plaintiff; and they made, or participated in making, untrue and misleading statements of material fact and omitted to state material facts necessary to make their statements not misleading. The purpose and effect of these deceitful schemes was to induce plaintiff to rely upon the overstated ratings, understated LTV ratios and other false information regarding the loan underwriting and appraisal procedures employed by defendants.
Defendants had actual knowledge of the misrepresentations and omissions of material facts, or acted with reckless disregard for the truth of those misrepresentations made in connection with the offering and selling of the Certificates the public. Defendants knowingly and recklessly misrepresented the risks and true nature of the collateral supporting the Certificates, which was included in the Registration Statement and Prospectus Supplements for each series of the Certificates and material to Plaintiff's and other investors' purchases of the Certificates.
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