ABS-15G 1 a63013abs15g-stb.htm 6.30.13 ABS 15G - STB


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM ABS-15G
ASSET-BACKED SECURITIZER
REPORT PURSUANT TO SECTION 15G OF
THE SECURITIES EXCHANGE ACT OF 1934


Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:

S Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period April 1, 2013 to June 30, 2013

SUNTRUST BANK 1
(Exact name of sponsor as specified in its charter)


Date of Report (Date of earliest event reported):
August 13, 2013
 
 
Commission File Number of securitizer:
025-00937
 
 
Central Index Key Number of securitizer:
0001335407
 
                            
Woodruff Polk, (404) 926-5969
Name and telephone number, including area code, of the person to
contact in connection with this filing.


Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1) £
Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) £
Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) £
 
1SunTrust Bank is filing this Form ABS-15G on behalf of itself and its affiliated securitizers specified below in respect of the following transactions (the “Specified Transactions”): SunTrust Student Loan Trust 2006-1; Baker Street Funding CLO 2005-1 Ltd; Mountain View Funding CLO 2006-1 Ltd (on behalf of Seix Structured Products, LLC and SunTrust Equity Funding, LLC); SunTrust Alternative Loan Trust 2005-1F (on behalf of SunTrust Robinson Humphrey Funding, LLC); SunTrust Acquisition Closed-End Seconds Trust 2007-1 (on behalf of SunTrust Robinson Humphrey Funding, LLC); Morgan Stanley Capital I Trust 2005-HQ6; Morgan Stanley Capital I Trust 2005-IQ10; Morgan Stanley Capital I Trust 2006-IQ11; Morgan Stanley Capital I Trust 2006-IQ12; Morgan Stanley Capital I Trust 2006-IQ13; CD 2007-CD5 Mortgage Trust; Banc of America Commercial Mortgage Trust 2006-1; Banc of America Commercial Mortgage Trust 2006-5; and Banc of America Commercial Mortgage Trust 2007-3. This report only contains information with respect to the assets sold by SunTrust Bank and such affiliated securitizers with respect to the Specified Transactions.

SunTrust Bank has attempted to gather the information required by this Form ABS-15G and Rule 15Ga-1 by, among other things, (i) identifying asset-backed securities transactions that fall within the scope of Rule 15Ga-1 for which SunTrust Bank is a securitizer, (ii) gathering information in SunTrust Bank's records regarding demands for repurchase or replacement of pool assets in Specified Transactions for breaches of representations or warranties concerning those pool assets that is required to be reported on Form ABS-15G (“Reportable Information”), and (iii) requesting Reportable Information from, or entering into a written agreement with, trustees to provide Reportable Information that is within their respective possession and which has not been previously provided to us. SunTrust Bank has not undertaken to independently verify the information provided by any trustee, nor has the information in this Form ABS-15G been verified by any third party. Certain information in the table below may have been omitted because it was unknown and not available to the securitizer without unreasonable effort or expense. The securitizer believes that it has substantially complete information based on its records.




REPRESENTATION AND WARRANTY INFORMATION

Item 1.02 Periodic Filing of Rule 15Ga-1 Representations and Warranties Disclosure
Name of
Issuing Entity
Check if Registered
Name of
Originator
Total Assets in
ABS by Originator 1
Assets That Were
Subject of Demand
Assets
That Were Repurchased
or Replaced
Assets Pending Repurchase or Replacement (within current period)
Demand
in Dispute
Demand
Withdrawn
Demand
Rejected
 
 
 
(#)
($)
(%)
(#)
($) 2
(%) 3
(#)
($)
(%)
(#)
($)
(%)
(#)
($)
(%)
(#)
($)
(%)
(#)
($)
(%)
Alt-A/Second Lien
SunTrust Acquisition Closed-End Seconds Trust, Series 2007-1
(CIK # 0001397976) 4



X
American Home Mortgage
3,770
251,480,115

67.81
%
113
403,521

1.45
%
—

—

—
%
—

—

—
%
—

—

—
%
—

—

—
%
—

—

—
%
Fidelity & Trust
93
7,158,351

1.93
%
31
0

0.00
%
—

—

—
%
—

—

—
%
—

—

—
%
—

—

—
%
—

—

—
%
First Financial Equities, Inc
9
568,113

0.15
%
0
0

0.00
%
—

—

—
%
—

—

—
%
—

—

—
%
—

—

—
%
—

—

—
%
Lancaster Mortgage
97
7,844,786

2.12
%
2
186,612

17.98
%
—

—

—
%
—

—

—
%
—

—

—
%
—

—

—
%
—

—

—
%
MortgageIT
176
9,814,578

2.65
%
33
26,951

2.40
%
—

—

—
%
—

—

—
%
—

—

—
%
—

—

—
%
—

—

—
%
New Century Mortgage Corporation
667
38,142,432

10.28
%
6
3,360,898

60.60
%
—

—

—
%
—

—

—
%
—

—

—
%
—

—

—
%
—

—

—
%
Option One Mortgage Corporation
333
16,789,185

4.53
%
316
58,537

3.15
%
—

—

—
%
—

—

—
%
—

—

—
%
—

—

—
%
—

—

—
%
Peoples Choice
Home Loan
250
18,938,160

5.11
%
6
0

0.00
%
—

—

—
%
—

—

—
%
—

—

—
%
—

—

—
%
—

—

—
%
Quicken Loans
372
20,112,907

5.42
%
229
6,172,188

95.85
%
—

—

—
%
—

—

—
%
—

—

—
%
—

—

—
%
—

—

—
%
SunTrust
Mortgage Inc.
245
11,864,901

 
39
585,676

13.91
%
—

—

—
%
—

—

—
%
—

—

—
%
—

—

—
%
—

—

—
%
Total Alt-A/Second Lien
6,012
382,713,528


775
10,794,383



—

—



—

—



—

—


—

—


—

—



1 The original principal balance at the time of securitization was $370,848,626. Percentages reflect originators at the time of securitization (the closing date). The loans originated by SunTrust Mortgage, Inc. were substituted into the trust subsequent to closing. Based on the December 2008 remittance report, when the substitution was reported, the principal balance of the SunTrust Mortgage, Inc. loans was 5.8% of the $204.7 million beginning principal balance of the mortgage loans as set forth in such remittance report.

2 Reflects outstanding balance of loans (based on the June 30, 2013 servicer balances) subject to a demand as of June 30, 2013, the reporting period end date. Including realized losses (charged off loans), the demand totaled $40.8 million.

3 The numerator is the outstanding principal balance and the denominator is the pool principal balance in each case as of June 30, 2013, the reporting period end date.

4 The securitizer is aware of a lawsuit filed by the Trustee in the United States District Court for the Northern District of Georgia. The lawsuit seeks damages and/or specific performance with respect to the assets described in this report, as well as certain repurchase demands which occurred in 2008 and certain repurchase demands included in a prior report which purportedly occurred in January 2011. The 2008 repurchase demands involved 131 mortgage loans with an aggregate principal balance of approximately $11.9 million, which demands were resolved by a negotiated substitution of additional loans in October 2008. The alleged repurchase demands in 2011 appear to relate to certain repurchase demands that the securitizer received from the Class A certificate insurer and the Trustee in November 2010, which involved up to 455 loans with an aggregate principal balance of approximately $23.6 million. Upon being notified of such demands, the securitizer promptly responded by either curing the alleged defect or rejecting the demand (and stating its grounds for doing so). All such activity occurred prior to January 1, 2012.





SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
 
SUNTRUST BANK
 
 
(Securitizer)
 
 
 
Date: August 13, 2013
 
By: /s/ Joseph Franke
 
 
Name: Joseph Franke
 
 
Title: Senior Vice President, Head of Asset Securitization