Preview
FILED: NEW YORK COUNTY CLERK 08/04/2022 06:34 PM INDEX NO. 650337/2013
NYSCEF DOC. NO. 2125 RECEIVED NYSCEF: 08/04/2022
EXHIBIT 39
FILED: NEW YORK COUNTY CLERK 08/04/2022 06:34 PM INDEX NO. 650337/2013
NYSCEF DOC. NO. 2125 RECEIVED NYSCEF: 08/04/2022
·1· · · · · · · -JULIET BUCK - CONFIDENTIAL -
·2· ·SUPREME COURT OF THE STATE OF NEW YORK
·3· ·COUNTY OF NEW YORK
·4· ·------------------------------------- X
·5· ·NOMURA ASSET ACCEPTANCE
· · ·CORPORATION ALTERNATIVE LOAN
·6· ·TRUST, SERIES 2006-s3, by HSBC· · · · · Index No.
· · ·BANK USA, NATIONAL ASSOCIATION, in· · · 652619/2012
·7· ·its capacity as Trustee pursuant
· · ·to a Pooling and Servicing
·8· ·Agreement, dated as of July 1,
· · ·2006,
·9
· · · · · · · · · · Plaintiff,
10
· · · · · · · · ·- against -
11
· · ·NOMURA CREDIT & CAPITAL, INC.,
12
· · · · · · · · · · Defendant.
13· ·------------------------------------- X
· · ·NOMURA CREDIT & CAPITAL, INC.,
14
· · · · · · · · · Third-Party Plaintiff,
15
· · · · · - against -
16
· · ·WELLS FARGO BANK, N.A., and OCWEN LOAN
17· ·SERVICING, LLC,
18· · · · · · · · Third-Party Defendants.
· · ·------------------------------------ X
19· ·(Caption Cont'd)
20· · · · · · · · · · · ·Volume II
21· · · · · ·CONFIDENTIAL VIDEOTAPED DEPOSITION
22· · · · · · · · · · · · · ·Of
23· · · · · · · · · · ·JULIET BUCK
24· · · · · · · Thursday, February 15, 2018
25
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·1· · · · · · · -JULIET BUCK - CONFIDENTIAL -
·2
· · ·(Cont'd)
·3· ·------------------------------------- X
· · ·NOMURA ASSET ACCEPTANCE CORPORATION
·4· ·ALTERNATIVE LOAN TRUST, SERIES 2006-S4,
· · ·by HSBC BANK USA, NATIONAL ASSOCIATION,
·5· ·in its capacity as Trustee,
·6· · · · · · · · · Plaintiff,· · · · · · ·Index No.
· · · · · · · · · · · · · · · · · · · · · ·653390/2012
·7· · · · - against -
·8· ·NOMURA CREDIT & CAPITAL, INC.,
·9· · · · · · · · Defendant.
· · ·----------------------------------- X
10· ·NOMURA CREDIT & CAPITAL, INC.,
11· · · · · · · · Third-Party Plaintiffs,
12· · · · - against -
13· ·WELLS FARGO BANK, N.A., and OCWEN LOAN
· · ·SERVICING, LLC,
14
· · · · · · · · · Third-Party Defendants.
15· ·----------------------------------- X
· · ·(Caption Cont'd)
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·1· · · · · · · -JULIET BUCK - CONFIDENTIAL -
·2
· · ·(Cont'd)
·3· ·----------------------------------- X
· · ·NOMURA HOME EQUITY LOAN, INC., SERIES
·4· ·2006-FM2, pursuant to a Pooling and
· · ·Servicing Agreement, dated as of
·5· ·October 1, 2006, by HSBC BANK USA,
· · ·NATIONAL ASSOCIATION, solely in its
·6· ·capacity as the Trustee,
· · · · · · · · · · · · · · · · · · · ·Index No.
·7· · · · · · · · · Plaintiff,· · · · ·653783/2012
·8· · · · - against -
·9· ·NOMURA CREDIT & CAPITAL, INC.,
10· · · · · · · · · Defendant.
· · ·----------------------------------- X
11· ·NOMURA CREDIT & CAPITAL, INC.,
12· · · · · · · · Third-Party Plaintiff,
13· · · · - against -
14· ·WELLS FARGO BANK, N.A. and OCWEN LOAN
· · ·SERVICING, LLC,
15
· · · · · · · · · Third-Party Defendants.
16· ·----------------------------------- X
· · ·(Caption Cont'd)
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·1· · · · · · · -JULIET BUCK - CONFIDENTIAL -
·2
· · ·(Cont'd)
·3· ·----------------------------------- X
· · ·NOMURA HOME EQUITY LOAN, INC., SERIES
·4· ·2007-3, pursuant to a Pooling and
· · ·Servicing Agreement, dated as of
·5· ·April 1, 2007, by HSBC BANK USA,
· · ·NATIONAL ASSOCIATION, solely in its
·6· ·capacity as the Trustee,
· · · · · · · · · · · · · · · · · · · · ·Index No.
·7· · · · · · · · · Plaintiff,· · · · · ·651124/2013
·8
· · · · · - against -
·9
· · ·NOMURA CREDIT & CAPITAL, INC.,
10
· · · · · · · · · · Defendant.
11· ·----------------------------------- X
· · ·NOMURA CREDIT & CAPITAL, INC.,
12
· · · · · · · · · · Third-Party Plaintiff,
13
· · · · · - against -
14
· · ·WELLS FARGO BANK, N.A., and OCWEN LOAN
15· ·SERVICING, LLC,
16· · · · · · · · Third-Party Defendants.
· · ·----------------------------------- X
17· ·NOMURA ASSET ACCEPTANCE CORPORATION
· · ·ALTERNATIVE LOAN TRUST, SERIES 2007-1,
18· ·by HSBC BANK USA, NATIONAL ASSOCIATION,
· · ·in its capacity as Trustee,
19· · · · · · · · · · · · · · · · · · · · ·Index No.
· · · · · · · · · Plaintiff,· · · · · · · ·652842/2014
20
· · · · · - against -
21
· · ·NOMURA CREDIT & CAPITAL, INC.,
22
· · · · · · · · · Defendant.
23· ·----------------------------------- X
· · ·(Caption Cont'd)
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·1· · · · · · · -JULIET BUCK - CONFIDENTIAL -
·2
· · ·(Cont'd)
·3· ·----------------------------------- X
· · ·NOMURA HOME EQUITY LOAN, INC., HOME
·4· ·EQUITY LOAN TRUST, SERIES 2007-2, by
· · ·HSBC BANK USA, National Association,
·5· ·as Trustee,
· · · · · · · · · · · · · · · · · · · · · ·Index No.
·6· · · · · · · · · Plaintiff,· · · · · · ·650337/2013
·7· · · · - against -
·8· ·NOMURA CREDIT & CAPITAL, INC.,
·9· · · · · · · · · Defendant,
· · ·----------------------------------- x
10· ·NOMURA CREDIT & CAPITAL, INC.,
11· · · · · · · · Third-Party Plaintiff,
12· · · · - against -
13· ·WELLS FARGO BANK, N.A. and OCWEN LOAN
· · ·SERVICING, LLC,
14
· · · · · · · · · Third-Party Defendants.
15· ·----------------------------------- X
· · ·(Caption Cont'd)_
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·1· · · · · · · -JULIET BUCK - CONFIDENTIAL -
·2
· · ·(Cont'd)
·3· ·----------------------------------- X
· · ·NOMURA ASSET ACCEPTANCE CORPORATION
·4· ·MORTGAGE PASS-THROUGH CERTIFICATES,
· · ·SERIES 2006-AF2 TRUST, by HSBC Bank
·5· ·USA, National Association, as Trustee,
· · · · · · · · · · · · · · · · · · · · · ·Index No.
·6· · · · · · · · · Plaintiff,· · · · · · ·652614/2012
·7· · · · - against -
·8· ·NOMURA CREDIT & CAPITAL, INC.,
·9· · · · · · · · · Defendant.
· · ·----------------------------------- X
10· ·NOMURA CREDIT & CAPITAL, INC.,
11· · · · · · · · Third-Party Plaintiff,
12· · · · - against -
13· ·WELLS FARGO BANK, N.A., and OCWEN
· · ·LOAN SERVICING, LLC,
14
· · · · · · · · · Third-Party Defendants.
15· ·----------------------------------- X
· · ·DATE:· February 15, 2018
16· ·TIME:· 9:40 a.m.
17· · · · CONFIDENTIAL VIDEOTAPED DEPOSITION OF JULIET
18· ·F. BUCK, held at McKool Smith, One Bryant Park,
19· ·New York, New York, pursuant to Notice, before
20· ·Hope Menaker, a Shorthand Reporter and Notary
21· ·Public of the State of New York.
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·1· · · · · · · -JULIET BUCK - CONFIDENTIAL -
·2· ·A P P E A R A N C E S
·3
· · ·McKOOL SMITH
·4· ·Attorneys for Trustee HSBC Bank USA
· · ·National Association
·5· · · · ·One Bryant Park
· · · · · ·New York, New York 10036
·6· ·BY:· JARED S. SIEGEL, ESQ.
·7· · · · -AND-
·8· ·HOLWELL, SHUSTER & GOLDBERG, LLP
· · ·Co-Counsel for Trustee
·9· · · · ·750 Seventh Avenue
· · · · · ·New York, New York 10019
10· ·BY:· MATTHEW NOLLER, ESQ.
11
· · ·SHEARMAN & STERLING, LLP
12· ·Attorneys for Nomura Credit & Capital, Inc.
· · ·& the Witness
13· · · · 599 Lexington Avenue
· · · · · New York, New York 10022-6069
14· ·BY:· DANIEL KAHN, ESQ.
· · · · · JEFFREY D. HOSCHANDER, ESQ.
15
· · · · · -AND-
16
· · ·CONSTANTINE CANNON, LLP
17· ·Co-Counsel for Nomura Credit & Capital, Inc.,
· · ·& the Witness
18· · · · 335 Madison Avenue
· · · · · New York, New York· 10017
19· ·BY:· JOEL A. CHERNOV, ESQ.
20
· · ·PATTERSON BELKNAP WEBB & TYLER LLP
21· ·Attorneys for Ambac
· · · · · 1133 Avenue of the Americas
22· · · · New York, New York· 10036
· · ·BY:· ROBERT FAIR, ESQ.
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·1· · · · · · · -JULIET BUCK - CONFIDENTIAL -
·2· ·C O N T I N U E D
· · ·A P P E A R A N C E S:
·3
·4· ·JONES DAY, LLP
· · ·Attorneys for Third-Party Defendant
·5· ·Wells Fargo Bank, NA
· · · · · 500 Grant Street
·6· · · · Suite 4500
· · · · · Pittsburgh, Pennsylvania 15219
·7· ·BY:· JOHN PAUL PUTNEY, ESQ.
·8
· · ·LOCKE LORD LLP
·9· ·Attorneys for Ocwen
· · · · · 200 Vesey Street
10· · · · New York, New York· 10281
· · ·BY:· CASEY B. HOWARD, ESQ.
11· · · · CHRISTOPHER FONTENELLI, ESQ.
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· · ·Also Present:
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· · · · · Darrak Lighty, Videographer
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·1· · · · · · · -JULIET BUCK - CONFIDENTIAL -
·2· · · · · · · · IT IS HEREBY STIPULATED AND AGREED by
·3· ·and between the attorneys for the respective
·4· ·parties herein, and in compliance with Rule 221 of
·5· ·the Uniform Rules for the Trial Courts:
·6· · · · · · · · THAT the parties recognize the
·7· ·provision of Rule 3115 subdivisions (b), (c)
·8· ·and/or (d).· All objections made at a deposition
·9· ·shall be noted b the officer before whom the
10· ·deposition is taken, and the answer shall be given
11· ·and the deposition shall proceed subject to the
12· ·objections and to the right of a person to apply
13· ·for appropriate relief pursuant to Article 31 of
14· ·the CPLR; and
15· · · · · · · · THAT every objection raised during a
16· ·deposition shall be stated succinctly and framed
17· ·so as not to suggest an answer to the deponent
18· ·and, at the request of the questioning attorney,
19· ·shall include a clear statement as to any defect
20· ·in form or other basis of error or irregularity.
21· ·Except to the extent permitted by CPLR Rule 315 or
22· ·by this rule, during the course of the examination
23· ·persons in attendance shall not make statements or
24· ·comments that interfere with the questioning; and
25· · · · · · · · THAT a deponent shall answer all
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·1· · · · · · · -JULIET BUCK - CONFIDENTIAL -
·2· ·questions at a deposition, except (i) to preserve
·3· ·a privilege or right of confidentiality, (ii) to
·4· ·enforce a limitation set forth in an order of a
·5· ·court, or (iii) when the question is plainly
·6· ·improperly and would, if answered, cause
·7· ·significant prejudice to any person.· An attorney
·8· ·shall not direct a deponent not to answer except
·9· ·as provided in CPLR Rule 3115 or this subdivision.
10· ·Any refusal to answer or direction not to answer
11· ·shall be accompanied by a succinct and clear
12· ·statement of the basis therefore.· If the deponent
13· ·does not answer a question, the examining party
14· ·shall have the right to complete the remainder of
15· ·the deposition; and
16· · · · · · · · THAT an attorney shall not interrupt
17· ·the deposition for the purpose of communicating
18· ·with the deponent unless all parties consent or
19· ·the communication is made for the purpose of
20· ·determining whether the question should not be
21· ·answered on the grounds set forth in Section 221.2
22· ·of these rules and, in such event, the reason for
23· ·the communication shall be stated for the record
24· ·succinctly and clearly; and
25· · · · · · · · THAT failure to object to any
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·1· · · · · · · -JULIET BUCK - CONFIDENTIAL -
·2· ·question or to move to strike any testimony at
·3· ·this examination shall not be a bar or waiver to
·4· ·make such objection or motion at the time of the
·5· ·trial of this action, and is hereby reserved; and
·6· · · · · · · · THAT this examination may be signed
·7· ·and sworn to by the witness examined herein before
·8· ·any Notary Public, but failure to do so or to
·9· ·return the original of the examination to the
10· ·attorney on whose behalf the examination is taken
11· ·shall not be deemed a waiver of the rights
12· ·provided by Rules 3116 and 3117 of the CPLR, and
13· ·shall be controlled thereby; and
14· · · · · · · · THAT certification and filing of the
15· ·original of this examination are waived; and
16· · · · · · · · THAT the questioning attorney shall
17· ·provide counsel for the witness examined herein
18· ·with a copy of this examination at no charge.
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20· · · · · · · · · · · · ·-o0o-
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·1· · · · · · · -JULIET BUCK - CONFIDENTIAL -
·2· · · · · · · ·THE VIDEOGRAPHER:· This is the
·3· · · · continued video deposition of Juliet Buck in
·4· · · · the matter of Ambac Assurance Corporation,
·5· · · · et al., versus Nomura Capital & -- Credit &
·6· · · · Capital, Inc., et al.
·7· · · · · · · ·This deposition is being held at
·8· · · · McKool Smith, P.C., on February 15th, 2018.
·9· · · · · · · ·My name is Darrak Lighty from
10· · · · U.S. Legal Support, and I am the video
11· · · · specialist.
12· · · · · · · ·The court reporter today is Hope
13· · · · Menaker, also with U.S. Legal Support.
14· · · · · · · ·We're going on the record at 9:40
15· · · · a.m.· All appearances have been noted on
16· · · · record.· The witness has been previously duly
17· · · · sworn.
18· · · · · · · ·JULIET BUCK, recalled as a witness,
19· · · · having been previously duly sworn by a Notary
20· · · · Public, was examined and testified as
21· · · · follows:
22· ·EXAMINATION BY MR. HOWARD:
23· · · · Q.· · ·Good morning, Ms. Buck.
24· · · · A.· · ·Morning.
25· · · · Q.· · ·My name's Casey Howard.· I'm here
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·1· · · · · · · -JULIET BUCK - CONFIDENTIAL -
·2· ·with my co-counsel Chris Fontenelli.· We're both
·3· ·here on behalf of Ocwen Loan Servicing.
·4· · · · · · · ·Does that make sense?
·5· · · · A.· · ·Yes.
·6· · · · Q.· · ·Okay.· And we also have a
·7· ·co-third-party defense counsel, John Paul Putney,
·8· ·who is here on behalf of Wells Fargo.
·9· · · · · · · ·Does that make sense?
10· · · · A.· · ·Yes.
11· · · · Q.· · ·Okay.· You took an oath to tell the
12· ·truth yesterday, right?
13· · · · A.· · ·I did.
14· · · · Q.· · ·You took an oath to tell the truth
15· ·yesterday, right?
16· · · · A.· · ·I did.
17· · · · Q.· · ·And you understand that oath is still
18· ·in effect today, right?
19· · · · A.· · ·I do.
20· · · · Q.· · ·Okay.· Previous counsel yesterday
21· ·gave you a number of directions for the
22· ·deposition.· Safe to assume all those make sense
23· ·still today?
24· · · · A.· · ·Yes.
25· · · · Q.· · ·Okay.· The biggest thing I always
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·1· · · · · · · -JULIET BUCK - CONFIDENTIAL -
·2· ·highlight to witnesses is this is not an endurance
·3· ·course; so, if at any point you need to take a
·4· ·break, you know, once we get to 9:00 p.m.,
·5· ·10:00 p.m., just let me know and we'll take a
·6· ·break.
·7· · · · · · · ·Does that make sense?
·8· · · · A.· · ·Understood.
·9· · · · Q.· · ·Okay.· So, yesterday I think it was
10· ·Mr. Noller mentioned a hypothetical where you
11· ·would have a borrower who worked at a bar, as a
12· ·bartender, at a college bar, should have made
13· ·$25,000, but, for some reason on his loan
14· ·application reported an income of 1.5 million.
15· · · · · · · ·Do you remember that?
16· · · · A.· · ·Yes.
17· · · · Q.· · ·Okay.· Just with those facts alone,
18· ·Nomura would not be guaranteed to accept a
19· ·repurchase request for that borrower's loan, would
20· ·they?
21· · · · · · · ·MR. CHERNOV:· Objection.
22· · · · A.· · ·I don't think -- starting out with
23· ·reviewing all claims, I don't think there's any
24· ·guarantee of anything.
25· · · · Q.· · ·Right.· And Nomura would, possibly to
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·1· · · · · · · -JULIET BUCK - CONFIDENTIAL -
·2· ·likely, investigate a claim based on those facts,
·3· ·wouldn't it?
·4· · · · · · · ·MR. CHERNOV:· Objection.
·5· · · · A.· · ·We -- we, I believe in all cases -- I
·6· ·don't know if we missed one or two here or
·7· ·there -- but our role -- our goal was to review
·8· ·every single claim we received, yes.
·9· · · · Q.· · ·And using Mr. Noller's example,
10· ·there's a possibility after investigation that
11· ·Nomura might have found that the borrower had
12· ·income from another source besides bartending,
13· ·right?
14· · · · · · · ·MR. CHERNOV:· Objection.
15· · · · A.· · ·When you say "Nomura found," again,
16· ·the hypothetical seems a little loose to me.
17· · · · · · · ·You simply propose that we received a
18· ·claim stating that there was -- that the
19· ·borrower's a bartender and he stated his income to
20· ·be 1.5 million.
21· · · · Q.· · ·Let me rephrase the question.
22· · · · · · · ·If Nomura received a repurchase claim
23· ·and the only facts known to it were Mr. Noller's
24· ·hypothetical, $1.5 million income reported by a
25· ·bartender, you would want to do more investigation
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·1· · · · · · · -JULIET BUCK - CONFIDENTIAL -
·2· ·before you approved or accepted a repurchase
·3· ·request based on those facts, right?
·4· · · · · · · ·MR. CHERNOV:· Objection.
·5· · · · A.· · ·We would review what was presented to
·6· ·us.
·7· · · · Q.· · ·Okay.· And if you had only an income
·8· ·disparity on any borrower, you would, before --
·9· ·let me withdraw that.
10· · · · · · · ·If you had only an income disparity
11· ·as the only fact justifying a repurchase request,
12· ·in your job, you would want more facts before
13· ·deciding whether to accept or deny that repurchase
14· ·request, right?
15· · · · · · · ·MR. CHERNOV:· Objection.
16· · · · A.· · ·I would want more facts and I would
17· ·want supporting documentation.
18· · · · Q.· · ·Okay.· And fair to say that in most
19· ·initial repurchase requests that Nomura received
20· ·you would want additional supporting documentation
21· ·before making a decision, right?
22· · · · · · · ·MR. CHERNOV:· Objection.
23· · · · A.· · ·I -- I guess I don't know what --
24· ·where we are in the process.· There were some
25· ·claims were received, no supporting documentation.
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·1· · · · · · · -JULIET BUCK - CONFIDENTIAL -
·2· · · · · · · ·So would I want additional?· I would
·3· ·want -- I would want -- I would want all of their
·4· ·supporting documentation that they maybe were
·5· ·relying on; and so, in those cases, I didn't get
·6· ·anything.
·7· · · · Q.· · ·Okay.· Fair point.· So let's -- let's
·8· ·flesh this out a little bit.
·9· · · · · · · ·Let's just start with this. I
10· ·actually don't think this question was asked
11· ·yesterday.
12· · · · · · · ·What is a repurchase request in your
13· ·business?
14· · · · A.· · ·What my experience is, is we receive
15· ·a claim or a letter, some sort of correspondence
16· ·from -- it's usually paper, meaning sent to us by
17· ·delivery.· There were some instances where we
18· ·would get also a follow-up e-mail, and that party,
19· ·it could be a -- a party to the -- to the
20· ·transaction.· Sometimes, and I don't remember all
21· ·the details, we might, maybe, received from an
22· ·investor.
23· · · · · · · ·The correspondence could say any
24· ·number of things, but the gist of the
25· ·correspondence was we have either one loan or
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·1· · · · · · · -JULIET BUCK - CONFIDENTIAL -
·2· ·several loans that we see as problematic and we
·3· ·want you, Nomura, to repurchase it from The
·4· ·Trust --
·5· · · · Q.· · ·Okay.
·6· · · · A.· · ·-- The Trust in question.
·7· · · · Q.· · ·Okay.· So you say "problematic."
·8· ·What do you mean when you say "the loans might be
·9· ·problematic"?
10· · · · A.· · ·Well, I'm paraphrasing.· I don't
11· ·remember all the specifics of the demands, but
12· ·the -- again, the letter or the correspondence
13· ·would in some way or another identify or claim
14· ·that there was, and I'm using the word
15· ·"problematic" because I don't remember the exact
16· ·nomenclature, but to sum -- to sum up, they were
17· ·stating that they thought there was a problem.
18· · · · · · · ·Let's say it was one loan with one --
19· ·this one loan.· They might flush out what they
20· ·thought was wrong with it and the ultimate point
21· ·of their correspondence was to indicate they
22· ·wanted Nomura to repurchase that loan.
23· · · · Q.· · ·And the contractual basis for that
24· ·type of request might be because that particular
25· ·loan breached a rep and warranty in one of the
FILED: NEW YORK COUNTY CLERK 08/04/2022 06:34 PM INDEX NO. 650337/2013
NYSCEF DOC. NO. 2125 RECEIVED NYSCEF: 08/04/2022
·1· · · · · · · -JULIET BUCK - CONFIDENTIAL -
·2· ·MLPAs related to the subject PSA; is that fair?
·3· · · · · · · ·MR. CHERNOV:· Objection.
·4· · · · A.· · ·It -- it really depends on -- I don't
·5· ·remember all the -- the -- all the correspondence.
·6· ·Some letters might actually cite part of the PSA.
·7· · · · Q.· · ·Okay.· Now, you'd mentioned investors
·8· ·earlier as a possible source for repurchase
·9· ·requests, right?
10· · · · A.· · ·Yes.
11· · · · Q.· · ·What other parties to a PSA might
12· ·send repurchase requests to Nomura?
13· · · · · · · ·MR. CHERNOV:· Objection.
14· · · · A.· · ·It could be a servicer.· It could be
15· ·the master servicer, the Trustee.
16· · · · Q.· · ·Let's talk about each of those in
17· ·turn.
18· · · · · · · ·Generally, under a PSA in the RMBS
19· ·business, what's your understanding of what a
20· ·servicer does?
21· · · · A.· · ·Generally, the servicer under -- I'm
22· ·sorry what document?
23· · · · Q.· · ·I could -- I could reask the
24· ·question.
25· · · · · · · ·Generally under a PSA, an RMBS PSA,
FILED: NEW YORK COUNTY CLERK 08/04/2022 06:34 PM INDEX NO. 650337/2013
NYSCEF DOC. NO. 2125 RECEIVED NYSCEF: 08/04/2022
·1· · · · · · · -JULIET BUCK - CONFIDENTIAL -
·2· ·do you have an understanding as to generally what
·3· ·a servicer does?
·4· · · · A.· · ·Under the PSA, the servicer is
·5· ·responsible for servicing mortgage loans.
·6· · · · Q.· · ·Okay.· And when you say "servicing
·7· ·mortgage loans," could you explain that?
·8· · · · A.· · ·My understanding -- I don't work for
·9· ·a servicer and I don't do that for a living --
10· ·t
Preview
FILED: NEW YORK COUNTY CLERK 08/04/2022 06:34 PM INDEX NO. 650337/2013 NYSCEF DOC. NO. 2125 RECEIVED NYSCEF: 08/04/2022 EXHIBIT 39 FILED: NEW YORK COUNTY CLERK 08/04/2022 06:34 PM INDEX NO. 650337/2013 NYSCEF DOC. NO. 2125 RECEIVED NYSCEF: 08/04/2022 ·1· · · · · · · -JULIET BUCK - CONFIDENTIAL - ·2· ·SUPREME COURT OF THE STATE OF NEW YORK ·3· ·COUNTY OF NEW YORK ·4· ·------------------------------------- X ·5· ·NOMURA ASSET ACCEPTANCE · · ·CORPORATION ALTERNATIVE LOAN ·6· ·TRUST, SERIES 2006-s3, by HSBC· · · · · Index No. · · ·BANK USA, NATIONAL ASSOCIATION, in· · · 652619/2012 ·7· ·its capacity as Trustee pursuant · · ·to a Pooling and Servicing ·8· ·Agreement, dated as of July 1, · · ·2006, ·9 · · · · · · · · · · Plaintiff, 10 · · · · · · · · ·- against - 11 · · ·NOMURA CREDIT & CAPITAL, INC., 12 · · · · · · · · · · Defendant. 13· ·------------------------------------- X · · ·NOMURA CREDIT & CAPITAL, INC., 14 · · · · · · · · · Third-Party Plaintiff, 15 · · · · · - against - 16 · · ·WELLS FARGO BANK, N.A., and OCWEN LOAN 17· ·SERVICING, LLC, 18· · · · · · · · Third-Party Defendants. · · ·------------------------------------ X 19· ·(Caption Cont'd) 20· · · · · · · · · · · ·Volume II 21· · · · · ·CONFIDENTIAL VIDEOTAPED DEPOSITION 22· · · · · · · · · · · · · ·Of 23· · · · · · · · · · ·JULIET BUCK 24· · · · · · · Thursday, February 15, 2018 25 FILED: NEW YORK COUNTY CLERK 08/04/2022 06:34 PM INDEX NO. 650337/2013 NYSCEF DOC. NO. 2125 RECEIVED NYSCEF: 08/04/2022 ·1· · · · · · · -JULIET BUCK - CONFIDENTIAL - ·2 · · ·(Cont'd) ·3· ·------------------------------------- X · · ·NOMURA ASSET ACCEPTANCE CORPORATION ·4· ·ALTERNATIVE LOAN TRUST, SERIES 2006-S4, · · ·by HSBC BANK USA, NATIONAL ASSOCIATION, ·5· ·in its capacity as Trustee, ·6· · · · · · · · · Plaintiff,· · · · · · ·Index No. · · · · · · · · · · · · · · · · · · · · · ·653390/2012 ·7· · · · - against - ·8· ·NOMURA CREDIT & CAPITAL, INC., ·9· · · · · · · · Defendant. · · ·----------------------------------- X 10· ·NOMURA CREDIT & CAPITAL, INC., 11· · · · · · · · Third-Party Plaintiffs, 12· · · · - against - 13· ·WELLS FARGO BANK, N.A., and OCWEN LOAN · · ·SERVICING, LLC, 14 · · · · · · · · · Third-Party Defendants. 15· ·----------------------------------- X · · ·(Caption Cont'd) 16 17 18 19 20 21 22 23 24 25 FILED: NEW YORK COUNTY CLERK 08/04/2022 06:34 PM INDEX NO. 650337/2013 NYSCEF DOC. NO. 2125 RECEIVED NYSCEF: 08/04/2022 ·1· · · · · · · -JULIET BUCK - CONFIDENTIAL - ·2 · · ·(Cont'd) ·3· ·----------------------------------- X · · ·NOMURA HOME EQUITY LOAN, INC., SERIES ·4· ·2006-FM2, pursuant to a Pooling and · · ·Servicing Agreement, dated as of ·5· ·October 1, 2006, by HSBC BANK USA, · · ·NATIONAL ASSOCIATION, solely in its ·6· ·capacity as the Trustee, · · · · · · · · · · · · · · · · · · · ·Index No. ·7· · · · · · · · · Plaintiff,· · · · ·653783/2012 ·8· · · · - against - ·9· ·NOMURA CREDIT & CAPITAL, INC., 10· · · · · · · · · Defendant. · · ·----------------------------------- X 11· ·NOMURA CREDIT & CAPITAL, INC., 12· · · · · · · · Third-Party Plaintiff, 13· · · · - against - 14· ·WELLS FARGO BANK, N.A. and OCWEN LOAN · · ·SERVICING, LLC, 15 · · · · · · · · · Third-Party Defendants. 16· ·----------------------------------- X · · ·(Caption Cont'd) 17 18 19 20 21 22 23 24 25 FILED: NEW YORK COUNTY CLERK 08/04/2022 06:34 PM INDEX NO. 650337/2013 NYSCEF DOC. NO. 2125 RECEIVED NYSCEF: 08/04/2022 ·1· · · · · · · -JULIET BUCK - CONFIDENTIAL - ·2 · · ·(Cont'd) ·3· ·----------------------------------- X · · ·NOMURA HOME EQUITY LOAN, INC., SERIES ·4· ·2007-3, pursuant to a Pooling and · · ·Servicing Agreement, dated as of ·5· ·April 1, 2007, by HSBC BANK USA, · · ·NATIONAL ASSOCIATION, solely in its ·6· ·capacity as the Trustee, · · · · · · · · · · · · · · · · · · · · ·Index No. ·7· · · · · · · · · Plaintiff,· · · · · ·651124/2013 ·8 · · · · · - against - ·9 · · ·NOMURA CREDIT & CAPITAL, INC., 10 · · · · · · · · · · Defendant. 11· ·----------------------------------- X · · ·NOMURA CREDIT & CAPITAL, INC., 12 · · · · · · · · · · Third-Party Plaintiff, 13 · · · · · - against - 14 · · ·WELLS FARGO BANK, N.A., and OCWEN LOAN 15· ·SERVICING, LLC, 16· · · · · · · · Third-Party Defendants. · · ·----------------------------------- X 17· ·NOMURA ASSET ACCEPTANCE CORPORATION · · ·ALTERNATIVE LOAN TRUST, SERIES 2007-1, 18· ·by HSBC BANK USA, NATIONAL ASSOCIATION, · · ·in its capacity as Trustee, 19· · · · · · · · · · · · · · · · · · · · ·Index No. · · · · · · · · · Plaintiff,· · · · · · · ·652842/2014 20 · · · · · - against - 21 · · ·NOMURA CREDIT & CAPITAL, INC., 22 · · · · · · · · · Defendant. 23· ·----------------------------------- X · · ·(Caption Cont'd) 24 25 FILED: NEW YORK COUNTY CLERK 08/04/2022 06:34 PM INDEX NO. 650337/2013 NYSCEF DOC. NO. 2125 RECEIVED NYSCEF: 08/04/2022 ·1· · · · · · · -JULIET BUCK - CONFIDENTIAL - ·2 · · ·(Cont'd) ·3· ·----------------------------------- X · · ·NOMURA HOME EQUITY LOAN, INC., HOME ·4· ·EQUITY LOAN TRUST, SERIES 2007-2, by · · ·HSBC BANK USA, National Association, ·5· ·as Trustee, · · · · · · · · · · · · · · · · · · · · · ·Index No. ·6· · · · · · · · · Plaintiff,· · · · · · ·650337/2013 ·7· · · · - against - ·8· ·NOMURA CREDIT & CAPITAL, INC., ·9· · · · · · · · · Defendant, · · ·----------------------------------- x 10· ·NOMURA CREDIT & CAPITAL, INC., 11· · · · · · · · Third-Party Plaintiff, 12· · · · - against - 13· ·WELLS FARGO BANK, N.A. and OCWEN LOAN · · ·SERVICING, LLC, 14 · · · · · · · · · Third-Party Defendants. 15· ·----------------------------------- X · · ·(Caption Cont'd)_ 16 17 18 19 20 21 22 23 24 25 FILED: NEW YORK COUNTY CLERK 08/04/2022 06:34 PM INDEX NO. 650337/2013 NYSCEF DOC. NO. 2125 RECEIVED NYSCEF: 08/04/2022 ·1· · · · · · · -JULIET BUCK - CONFIDENTIAL - ·2 · · ·(Cont'd) ·3· ·----------------------------------- X · · ·NOMURA ASSET ACCEPTANCE CORPORATION ·4· ·MORTGAGE PASS-THROUGH CERTIFICATES, · · ·SERIES 2006-AF2 TRUST, by HSBC Bank ·5· ·USA, National Association, as Trustee, · · · · · · · · · · · · · · · · · · · · · ·Index No. ·6· · · · · · · · · Plaintiff,· · · · · · ·652614/2012 ·7· · · · - against - ·8· ·NOMURA CREDIT & CAPITAL, INC., ·9· · · · · · · · · Defendant. · · ·----------------------------------- X 10· ·NOMURA CREDIT & CAPITAL, INC., 11· · · · · · · · Third-Party Plaintiff, 12· · · · - against - 13· ·WELLS FARGO BANK, N.A., and OCWEN · · ·LOAN SERVICING, LLC, 14 · · · · · · · · · Third-Party Defendants. 15· ·----------------------------------- X · · ·DATE:· February 15, 2018 16· ·TIME:· 9:40 a.m. 17· · · · CONFIDENTIAL VIDEOTAPED DEPOSITION OF JULIET 18· ·F. BUCK, held at McKool Smith, One Bryant Park, 19· ·New York, New York, pursuant to Notice, before 20· ·Hope Menaker, a Shorthand Reporter and Notary 21· ·Public of the State of New York. 22 23 24 25 FILED: NEW YORK COUNTY CLERK 08/04/2022 06:34 PM INDEX NO. 650337/2013 NYSCEF DOC. NO. 2125 RECEIVED NYSCEF: 08/04/2022 ·1· · · · · · · -JULIET BUCK - CONFIDENTIAL - ·2· ·A P P E A R A N C E S ·3 · · ·McKOOL SMITH ·4· ·Attorneys for Trustee HSBC Bank USA · · ·National Association ·5· · · · ·One Bryant Park · · · · · ·New York, New York 10036 ·6· ·BY:· JARED S. SIEGEL, ESQ. ·7· · · · -AND- ·8· ·HOLWELL, SHUSTER & GOLDBERG, LLP · · ·Co-Counsel for Trustee ·9· · · · ·750 Seventh Avenue · · · · · ·New York, New York 10019 10· ·BY:· MATTHEW NOLLER, ESQ. 11 · · ·SHEARMAN & STERLING, LLP 12· ·Attorneys for Nomura Credit & Capital, Inc. · · ·& the Witness 13· · · · 599 Lexington Avenue · · · · · New York, New York 10022-6069 14· ·BY:· DANIEL KAHN, ESQ. · · · · · JEFFREY D. HOSCHANDER, ESQ. 15 · · · · · -AND- 16 · · ·CONSTANTINE CANNON, LLP 17· ·Co-Counsel for Nomura Credit & Capital, Inc., · · ·& the Witness 18· · · · 335 Madison Avenue · · · · · New York, New York· 10017 19· ·BY:· JOEL A. CHERNOV, ESQ. 20 · · ·PATTERSON BELKNAP WEBB & TYLER LLP 21· ·Attorneys for Ambac · · · · · 1133 Avenue of the Americas 22· · · · New York, New York· 10036 · · ·BY:· ROBERT FAIR, ESQ. 23 24 25 FILED: NEW YORK COUNTY CLERK 08/04/2022 06:34 PM INDEX NO. 650337/2013 NYSCEF DOC. NO. 2125 RECEIVED NYSCEF: 08/04/2022 ·1· · · · · · · -JULIET BUCK - CONFIDENTIAL - ·2· ·C O N T I N U E D · · ·A P P E A R A N C E S: ·3 ·4· ·JONES DAY, LLP · · ·Attorneys for Third-Party Defendant ·5· ·Wells Fargo Bank, NA · · · · · 500 Grant Street ·6· · · · Suite 4500 · · · · · Pittsburgh, Pennsylvania 15219 ·7· ·BY:· JOHN PAUL PUTNEY, ESQ. ·8 · · ·LOCKE LORD LLP ·9· ·Attorneys for Ocwen · · · · · 200 Vesey Street 10· · · · New York, New York· 10281 · · ·BY:· CASEY B. HOWARD, ESQ. 11· · · · CHRISTOPHER FONTENELLI, ESQ. 12 · · ·Also Present: 13 · · · · · Darrak Lighty, Videographer 14 15 16 17 18 19 20 21 22 23 24 25 FILED: NEW YORK COUNTY CLERK 08/04/2022 06:34 PM INDEX NO. 650337/2013 NYSCEF DOC. NO. 2125 RECEIVED NYSCEF: 08/04/2022 ·1· · · · · · · -JULIET BUCK - CONFIDENTIAL - ·2· · · · · · · · IT IS HEREBY STIPULATED AND AGREED by ·3· ·and between the attorneys for the respective ·4· ·parties herein, and in compliance with Rule 221 of ·5· ·the Uniform Rules for the Trial Courts: ·6· · · · · · · · THAT the parties recognize the ·7· ·provision of Rule 3115 subdivisions (b), (c) ·8· ·and/or (d).· All objections made at a deposition ·9· ·shall be noted b the officer before whom the 10· ·deposition is taken, and the answer shall be given 11· ·and the deposition shall proceed subject to the 12· ·objections and to the right of a person to apply 13· ·for appropriate relief pursuant to Article 31 of 14· ·the CPLR; and 15· · · · · · · · THAT every objection raised during a 16· ·deposition shall be stated succinctly and framed 17· ·so as not to suggest an answer to the deponent 18· ·and, at the request of the questioning attorney, 19· ·shall include a clear statement as to any defect 20· ·in form or other basis of error or irregularity. 21· ·Except to the extent permitted by CPLR Rule 315 or 22· ·by this rule, during the course of the examination 23· ·persons in attendance shall not make statements or 24· ·comments that interfere with the questioning; and 25· · · · · · · · THAT a deponent shall answer all FILED: NEW YORK COUNTY CLERK 08/04/2022 06:34 PM INDEX NO. 650337/2013 NYSCEF DOC. NO. 2125 RECEIVED NYSCEF: 08/04/2022 ·1· · · · · · · -JULIET BUCK - CONFIDENTIAL - ·2· ·questions at a deposition, except (i) to preserve ·3· ·a privilege or right of confidentiality, (ii) to ·4· ·enforce a limitation set forth in an order of a ·5· ·court, or (iii) when the question is plainly ·6· ·improperly and would, if answered, cause ·7· ·significant prejudice to any person.· An attorney ·8· ·shall not direct a deponent not to answer except ·9· ·as provided in CPLR Rule 3115 or this subdivision. 10· ·Any refusal to answer or direction not to answer 11· ·shall be accompanied by a succinct and clear 12· ·statement of the basis therefore.· If the deponent 13· ·does not answer a question, the examining party 14· ·shall have the right to complete the remainder of 15· ·the deposition; and 16· · · · · · · · THAT an attorney shall not interrupt 17· ·the deposition for the purpose of communicating 18· ·with the deponent unless all parties consent or 19· ·the communication is made for the purpose of 20· ·determining whether the question should not be 21· ·answered on the grounds set forth in Section 221.2 22· ·of these rules and, in such event, the reason for 23· ·the communication shall be stated for the record 24· ·succinctly and clearly; and 25· · · · · · · · THAT failure to object to any FILED: NEW YORK COUNTY CLERK 08/04/2022 06:34 PM INDEX NO. 650337/2013 NYSCEF DOC. NO. 2125 RECEIVED NYSCEF: 08/04/2022 ·1· · · · · · · -JULIET BUCK - CONFIDENTIAL - ·2· ·question or to move to strike any testimony at ·3· ·this examination shall not be a bar or waiver to ·4· ·make such objection or motion at the time of the ·5· ·trial of this action, and is hereby reserved; and ·6· · · · · · · · THAT this examination may be signed ·7· ·and sworn to by the witness examined herein before ·8· ·any Notary Public, but failure to do so or to ·9· ·return the original of the examination to the 10· ·attorney on whose behalf the examination is taken 11· ·shall not be deemed a waiver of the rights 12· ·provided by Rules 3116 and 3117 of the CPLR, and 13· ·shall be controlled thereby; and 14· · · · · · · · THAT certification and filing of the 15· ·original of this examination are waived; and 16· · · · · · · · THAT the questioning attorney shall 17· ·provide counsel for the witness examined herein 18· ·with a copy of this examination at no charge. 19 20· · · · · · · · · · · · ·-o0o- 21 22 23 24 25 FILED: NEW YORK COUNTY CLERK 08/04/2022 06:34 PM INDEX NO. 650337/2013 NYSCEF DOC. NO. 2125 RECEIVED NYSCEF: 08/04/2022 ·1· · · · · · · -JULIET BUCK - CONFIDENTIAL - ·2· · · · · · · ·THE VIDEOGRAPHER:· This is the ·3· · · · continued video deposition of Juliet Buck in ·4· · · · the matter of Ambac Assurance Corporation, ·5· · · · et al., versus Nomura Capital & -- Credit & ·6· · · · Capital, Inc., et al. ·7· · · · · · · ·This deposition is being held at ·8· · · · McKool Smith, P.C., on February 15th, 2018. ·9· · · · · · · ·My name is Darrak Lighty from 10· · · · U.S. Legal Support, and I am the video 11· · · · specialist. 12· · · · · · · ·The court reporter today is Hope 13· · · · Menaker, also with U.S. Legal Support. 14· · · · · · · ·We're going on the record at 9:40 15· · · · a.m.· All appearances have been noted on 16· · · · record.· The witness has been previously duly 17· · · · sworn. 18· · · · · · · ·JULIET BUCK, recalled as a witness, 19· · · · having been previously duly sworn by a Notary 20· · · · Public, was examined and testified as 21· · · · follows: 22· ·EXAMINATION BY MR. HOWARD: 23· · · · Q.· · ·Good morning, Ms. Buck. 24· · · · A.· · ·Morning. 25· · · · Q.· · ·My name's Casey Howard.· I'm here FILED: NEW YORK COUNTY CLERK 08/04/2022 06:34 PM INDEX NO. 650337/2013 NYSCEF DOC. NO. 2125 RECEIVED NYSCEF: 08/04/2022 ·1· · · · · · · -JULIET BUCK - CONFIDENTIAL - ·2· ·with my co-counsel Chris Fontenelli.· We're both ·3· ·here on behalf of Ocwen Loan Servicing. ·4· · · · · · · ·Does that make sense? ·5· · · · A.· · ·Yes. ·6· · · · Q.· · ·Okay.· And we also have a ·7· ·co-third-party defense counsel, John Paul Putney, ·8· ·who is here on behalf of Wells Fargo. ·9· · · · · · · ·Does that make sense? 10· · · · A.· · ·Yes. 11· · · · Q.· · ·Okay.· You took an oath to tell the 12· ·truth yesterday, right? 13· · · · A.· · ·I did. 14· · · · Q.· · ·You took an oath to tell the truth 15· ·yesterday, right? 16· · · · A.· · ·I did. 17· · · · Q.· · ·And you understand that oath is still 18· ·in effect today, right? 19· · · · A.· · ·I do. 20· · · · Q.· · ·Okay.· Previous counsel yesterday 21· ·gave you a number of directions for the 22· ·deposition.· Safe to assume all those make sense 23· ·still today? 24· · · · A.· · ·Yes. 25· · · · Q.· · ·Okay.· The biggest thing I always FILED: NEW YORK COUNTY CLERK 08/04/2022 06:34 PM INDEX NO. 650337/2013 NYSCEF DOC. NO. 2125 RECEIVED NYSCEF: 08/04/2022 ·1· · · · · · · -JULIET BUCK - CONFIDENTIAL - ·2· ·highlight to witnesses is this is not an endurance ·3· ·course; so, if at any point you need to take a ·4· ·break, you know, once we get to 9:00 p.m., ·5· ·10:00 p.m., just let me know and we'll take a ·6· ·break. ·7· · · · · · · ·Does that make sense? ·8· · · · A.· · ·Understood. ·9· · · · Q.· · ·Okay.· So, yesterday I think it was 10· ·Mr. Noller mentioned a hypothetical where you 11· ·would have a borrower who worked at a bar, as a 12· ·bartender, at a college bar, should have made 13· ·$25,000, but, for some reason on his loan 14· ·application reported an income of 1.5 million. 15· · · · · · · ·Do you remember that? 16· · · · A.· · ·Yes. 17· · · · Q.· · ·Okay.· Just with those facts alone, 18· ·Nomura would not be guaranteed to accept a 19· ·repurchase request for that borrower's loan, would 20· ·they? 21· · · · · · · ·MR. CHERNOV:· Objection. 22· · · · A.· · ·I don't think -- starting out with 23· ·reviewing all claims, I don't think there's any 24· ·guarantee of anything. 25· · · · Q.· · ·Right.· And Nomura would, possibly to FILED: NEW YORK COUNTY CLERK 08/04/2022 06:34 PM INDEX NO. 650337/2013 NYSCEF DOC. NO. 2125 RECEIVED NYSCEF: 08/04/2022 ·1· · · · · · · -JULIET BUCK - CONFIDENTIAL - ·2· ·likely, investigate a claim based on those facts, ·3· ·wouldn't it? ·4· · · · · · · ·MR. CHERNOV:· Objection. ·5· · · · A.· · ·We -- we, I believe in all cases -- I ·6· ·don't know if we missed one or two here or ·7· ·there -- but our role -- our goal was to review ·8· ·every single claim we received, yes. ·9· · · · Q.· · ·And using Mr. Noller's example, 10· ·there's a possibility after investigation that 11· ·Nomura might have found that the borrower had 12· ·income from another source besides bartending, 13· ·right? 14· · · · · · · ·MR. CHERNOV:· Objection. 15· · · · A.· · ·When you say "Nomura found," again, 16· ·the hypothetical seems a little loose to me. 17· · · · · · · ·You simply propose that we received a 18· ·claim stating that there was -- that the 19· ·borrower's a bartender and he stated his income to 20· ·be 1.5 million. 21· · · · Q.· · ·Let me rephrase the question. 22· · · · · · · ·If Nomura received a repurchase claim 23· ·and the only facts known to it were Mr. Noller's 24· ·hypothetical, $1.5 million income reported by a 25· ·bartender, you would want to do more investigation FILED: NEW YORK COUNTY CLERK 08/04/2022 06:34 PM INDEX NO. 650337/2013 NYSCEF DOC. NO. 2125 RECEIVED NYSCEF: 08/04/2022 ·1· · · · · · · -JULIET BUCK - CONFIDENTIAL - ·2· ·before you approved or accepted a repurchase ·3· ·request based on those facts, right? ·4· · · · · · · ·MR. CHERNOV:· Objection. ·5· · · · A.· · ·We would review what was presented to ·6· ·us. ·7· · · · Q.· · ·Okay.· And if you had only an income ·8· ·disparity on any borrower, you would, before -- ·9· ·let me withdraw that. 10· · · · · · · ·If you had only an income disparity 11· ·as the only fact justifying a repurchase request, 12· ·in your job, you would want more facts before 13· ·deciding whether to accept or deny that repurchase 14· ·request, right? 15· · · · · · · ·MR. CHERNOV:· Objection. 16· · · · A.· · ·I would want more facts and I would 17· ·want supporting documentation. 18· · · · Q.· · ·Okay.· And fair to say that in most 19· ·initial repurchase requests that Nomura received 20· ·you would want additional supporting documentation 21· ·before making a decision, right? 22· · · · · · · ·MR. CHERNOV:· Objection. 23· · · · A.· · ·I -- I guess I don't know what -- 24· ·where we are in the process.· There were some 25· ·claims were received, no supporting documentation. FILED: NEW YORK COUNTY CLERK 08/04/2022 06:34 PM INDEX NO. 650337/2013 NYSCEF DOC. NO. 2125 RECEIVED NYSCEF: 08/04/2022 ·1· · · · · · · -JULIET BUCK - CONFIDENTIAL - ·2· · · · · · · ·So would I want additional?· I would ·3· ·want -- I would want -- I would want all of their ·4· ·supporting documentation that they maybe were ·5· ·relying on; and so, in those cases, I didn't get ·6· ·anything. ·7· · · · Q.· · ·Okay.· Fair point.· So let's -- let's ·8· ·flesh this out a little bit. ·9· · · · · · · ·Let's just start with this. I 10· ·actually don't think this question was asked 11· ·yesterday. 12· · · · · · · ·What is a repurchase request in your 13· ·business? 14· · · · A.· · ·What my experience is, is we receive 15· ·a claim or a letter, some sort of correspondence 16· ·from -- it's usually paper, meaning sent to us by 17· ·delivery.· There were some instances where we 18· ·would get also a follow-up e-mail, and that party, 19· ·it could be a -- a party to the -- to the 20· ·transaction.· Sometimes, and I don't remember all 21· ·the details, we might, maybe, received from an 22· ·investor. 23· · · · · · · ·The correspondence could say any 24· ·number of things, but the gist of the 25· ·correspondence was we have either one loan or FILED: NEW YORK COUNTY CLERK 08/04/2022 06:34 PM INDEX NO. 650337/2013 NYSCEF DOC. NO. 2125 RECEIVED NYSCEF: 08/04/2022 ·1· · · · · · · -JULIET BUCK - CONFIDENTIAL - ·2· ·several loans that we see as problematic and we ·3· ·want you, Nomura, to repurchase it from The ·4· ·Trust -- ·5· · · · Q.· · ·Okay. ·6· · · · A.· · ·-- The Trust in question. ·7· · · · Q.· · ·Okay.· So you say "problematic." ·8· ·What do you mean when you say "the loans might be ·9· ·problematic"? 10· · · · A.· · ·Well, I'm paraphrasing.· I don't 11· ·remember all the specifics of the demands, but 12· ·the -- again, the letter or the correspondence 13· ·would in some way or another identify or claim 14· ·that there was, and I'm using the word 15· ·"problematic" because I don't remember the exact 16· ·nomenclature, but to sum -- to sum up, they were 17· ·stating that they thought there was a problem. 18· · · · · · · ·Let's say it was one loan with one -- 19· ·this one loan.· They might flush out what they 20· ·thought was wrong with it and the ultimate point 21· ·of their correspondence was to indicate they 22· ·wanted Nomura to repurchase that loan. 23· · · · Q.· · ·And the contractual basis for that 24· ·type of request might be because that particular 25· ·loan breached a rep and warranty in one of the FILED: NEW YORK COUNTY CLERK 08/04/2022 06:34 PM INDEX NO. 650337/2013 NYSCEF DOC. NO. 2125 RECEIVED NYSCEF: 08/04/2022 ·1· · · · · · · -JULIET BUCK - CONFIDENTIAL - ·2· ·MLPAs related to the subject PSA; is that fair? ·3· · · · · · · ·MR. CHERNOV:· Objection. ·4· · · · A.· · ·It -- it really depends on -- I don't ·5· ·remember all the -- the -- all the correspondence. ·6· ·Some letters might actually cite part of the PSA. ·7· · · · Q.· · ·Okay.· Now, you'd mentioned investors ·8· ·earlier as a possible source for repurchase ·9· ·requests, right? 10· · · · A.· · ·Yes. 11· · · · Q.· · ·What other parties to a PSA might 12· ·send repurchase requests to Nomura? 13· · · · · · · ·MR. CHERNOV:· Objection. 14· · · · A.· · ·It could be a servicer.· It could be 15· ·the master servicer, the Trustee. 16· · · · Q.· · ·Let's talk about each of those in 17· ·turn. 18· · · · · · · ·Generally, under a PSA in the RMBS 19· ·business, what's your understanding of what a 20· ·servicer does? 21· · · · A.· · ·Generally, the servicer under -- I'm 22· ·sorry what document? 23· · · · Q.· · ·I could -- I could reask the 24· ·question. 25· · · · · · · ·Generally under a PSA, an RMBS PSA, FILED: NEW YORK COUNTY CLERK 08/04/2022 06:34 PM INDEX NO. 650337/2013 NYSCEF DOC. NO. 2125 RECEIVED NYSCEF: 08/04/2022 ·1· · · · · · · -JULIET BUCK - CONFIDENTIAL - ·2· ·do you have an understanding as to generally what ·3· ·a servicer does? ·4· · · · A.· · ·Under the PSA, the servicer is ·5· ·responsible for servicing mortgage loans. ·6· · · · Q.· · ·Okay.· And when you say "servicing ·7· ·mortgage loans," could you explain that? ·8· · · · A.· · ·My understanding -- I don't work for ·9· ·a servicer and I don't do that for a living -- 10· ·t