According to its Complaint, Deutsche Bank served in the capacity as trustee for more than 240 mortgage securitization trusts created by IndyMac.
Prior to its failure in July, 2008, IndyMac functioned as a mortgage securitizer, acquiring mortgage loans that it sold to the Trusts.
According to Deutsche Bank, the Trusts subsequently sold residential mortgage-backed securities “supported by the cash flows on the underlying mortgage loans.”
IndyMac’s success in attracting investors to purchase the mortgage-backed securities depended on IndyMac’s representations and promises that a single entity (IndyMac) would perform the interrelated services necessary to protect, preserve, and service the Trust assets.
The mortgage-backed securities transactions were governed by agreements that established and regulated the Trusts and the related relationships among the parties with interests in the Trusts.
