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Private investors haven't fared nearly as well in fraud cases. MBS class actions have been a big disappointment for certificate holders, even after the 2nd Circuit Court of Appeals redefined standing to permit more claims. Some certificate holders will recover pennies on the dollar of their losses through MBS class actions. But with total MBS class action settlements totaling less than $2 billion and addressing losses in a very restricted number of trusts, I'm willing to bet that most MBS holders haven't and won't see any recovery on their losses through mass litigation.
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