A recent ruling by the New York Court of Appeals regarding the statute of limitations for representation-and-warranty claims on non-agency mortgage-backed securities has caused concerns for some participants in the new-issue jumbo MBS market. In ACE Securities v. DB Structured Products, the court ruled that the statute of limitations for claims of breaches of reps and warrants starts when a deal is closed, not when a potential breach is discovered. Lawyers involved in non-agency MBS were divided on how the ruling would impact issuance going forward ...