Lehman XS Trust v. Greenpoint Mortgage Funding, Inc.

WESLEY, Circuit Judge:

This appeal is the most recent chapter in the ongoing saga of the last decade's housing finance crisis. At the core of the appeal are three trusts (the "Trusts") composed of residential mortgage-backed securities that Defendant-Appellee GreenPoint Mortgage Funding, Inc. ("GreenPoint") sold in 2006 to Lehman Brothers Holding, Inc., and Lehman Brothers Bank, FSB (collectively, "Lehman"), with Plaintiff-Appellant U.S. Bank acting as Trustee. Six years after the sale, in 2012, a forensic review of the Trusts revealed that nearly all of the sample mortgages GreenPoint sold to…