Wey et al v. Nasdaq, Inc. et al, No. 1:2018cv03405 - Document 40 (S.D.N.Y. 2019)

Court Description: OPINION & ORDER re: 31 MOTION to Remand to State Court filed by NYG Capital, LLC, Benjamin Wey. For the reasons stated above, Plaintiffs' motion to remand this case to state court is GRANTED. The Clerk of Court is respectfully directed to terminate the motion docketed at ECF No. 31 and close this case. (Signed by Judge John F. Keenan on 3/25/2019) (rro) Transmission to Docket Assistant Clerk for processing.
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Wey et al v. Nasdaq, Inc. et al Doc. 40 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK -----------------------------------------------------------x In re FANNIE MAE 2008 SECURITIES : LITIGATION : : : -----------------------------------------------------------x USDC SDNY DOCUMENT ELECTRONICALLY FILED DOC #: _________________ DATE FILED: 03/25/2019 08 Civ. 7831 (PAC) 09 MD 2013 (PAC) OPINION & ORDER HONORABLE PAUL A. CROTTY, United States District Judge: 1 The early years of this decade saw a boom in home financing which was fueled, among other things, by low interest rates and lax credit conditions. New lending instruments, such as subprime mortgages (high credit risk loans) and Alt-A mortgages (low-documentation loans) kept the boom going. Borrowers played a role too; they took on unmanageable risks on the assumption that the market would continue to rise and that refinancing options would always be available in the future. Lending discipline was lacking in the system. Mortgage originators did not hold these high-risk mortgage loans. Rather than carry the rising risk on their books, the originators sold their loans into the secondary mortgage market, often as securitized packages known as mortgage-backed securities (“MBSs”). MBS markets grew almost exponentially. But then the housing bubble burst. In 2006, the demand for housing dropped abruptly and home prices began to fall. In light of the changing housing market, banks modified their lending practices and became unwilling to refinance home mortgages without refinancing. 1 Unless otherwise indicated, all references cited as “(¶ _)” or to the “Complaint” are to the Amended Complaint, dated June 22, 2009. For purposes of this Motion, all allegations in the Amended Complaint are taken as true. 1 Dockets.Justia.com