However, the Court specifically rejected the plaintiffs' request that its ruling only be prospective in its application. The Court held it did not make significant change in the common law, but rather "[t]he legal principles and requirements we set forth are well established in our case law and our statutes. All that has changed is the plaintiffs' apparent failure to abide by those principles and requirements in the rush to sell mortgage-backed securities."
Ralph T. Wutscher
Kahrl Wutscher LLP
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