Mortgage Asset Securitization Transactions, Inc. is primarily in the business of offering asset-backed securities.

According to a press release dated February 25, 2010, the Certificates issued by the Company 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. The Action alleges 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 skyrocket. As a result, the Certificates have declined precipitously in value.

On October 19, 2010, an opinion and Order were issued by the Court granting the Pension Trust Fund’s motion to be appointed lead Plaintiff, and the Operating Engineers’ motion to be appointed lead Plaintiff was denied.

On December 13, 2010, an Amended Complaint was filed by the lead Plaintiffs against the Defendants.

On April 29, 2011, the Court issued an order granting the Plaintiffs motion to voluntarily dismiss all charges without prejudice against one of the Defendants.

On July 31, 2012, the Court issued an Order granting the Defendants' Motion to Dismiss with prejudice. On September 17, 2013, this Order was affirmed by a Judgment by the U.S. Court of Appeals for the Third Circuit.