Murray, Frank & Sailer LLP is investigating securities fraud claims on behalf of all persons or entities who acquired MASTR Mortgage Pass-Through Certificates, Series 2007-3 (the "Certificates") issued by MASTR Adjustable Rate Mortgages Trust 2007-3 (the "MASTR Trust" or the "Issuing Trust") pursuant and/or traceable to false and misleading Registration Statement filed with the SEC on December 16, 2005 and amended thereafter on April 4, 2006, and Prospectus Supplement issued on May 14, 2007 (collectively, the "Offering Documents").
The Certificates issued were supported by large pools of mortgage loans generally secured by first liens on residential properties, including conventional, adjustable rate and negative amortization mortgage loans. It is alleged that the Offering Documents included material misstatements and/or omissions concerning, among other things: (i) the underwriting standards purportedly used in connection with the origination of the underlying mortgage loans; (ii) the maximum loan-to-value ratios used to qualify borrowers; (iii) the appraisals of properties underlying the mortgage loans; and (iv) the debt-to-income ratios permitted on the loans. As a result of the alleged misstatements and omissions, the Certificates were secured by assets that had a much greater risk profile than represented in the Offering Documents causing the Credit Ratings Agencies to assign faulty and inflated credit ratings to the Certificates.
By early 2009, the amount of uncollectible mortgage loans securing the Certificates began to be revealed to the public, and the Ratings Agencies began to downgrade the Certificates' credit ratings significantly. The delinquency and foreclosure rates of the mortgage loans securing the Certificates have continued to sky-rocket. As a result, the Certificates have declined precipitously in value.
If you purchased MASTR Mortgage Pass-Through Certificates, Series 2007-3, pursuant and/or traceable to the Offering Documents, you may move the Court, not later than April 26, 2010, to serve as Lead Plaintiff for the class. A Lead Plaintiff is a representative chosen by the Court who acts on behalf of other class members in directing the litigation. You do not need to be a Lead Plaintiff to be included in the class. If you wish to discuss this litigation, or have any questions concerning this notice or your rights or interests with respect to these matters, please contact us.
MURRAY, FRANK & SAILER LLP