Dated June 10, 2013
Wells Fargo Bank, N_A., solely in its capacity as Trustee or Indenture Trustee of those
certain RMBS securitizatìons included in the attached Schedule A (in such capacity, “Wells
Fargo”), has received a copy of a Memorandum Opinion and Order Granting Defendant’s
Amended Motion for Partial Summary Judgment in the civil case of MSTR Asset Backed
Securities Trust 2006-HE3, by US. Bank National Association, solely irl its capaci@ as Trustee
pursuant to a Pooling ana1 Servicing Agreement, a’atea1 as of August I, 2006, Piaintiß v. WMC
Mortgage Corporation, Defendant (Civil Case No. 1ì-2542) tiled in the United States District
Y Court for the District cf Minnesota (attached as Exhibit i). The District Court concluded in its
decision that once a loan is foreclosed upon and the mortgaged property sold, there is no
mortgage lean to be repurchased by a loan seller responsible for repurchasing loans for which
representations and Warranties were breached. In the decision, the District Court examined the
deñnition of “Mortgage Loan” to determine Whether the parties to the transaction at issue
intended that, for purposes ofthe defendant loan seller’s repurchase obligation, a Mortgage Loan
would survive even after it has been foreclosed upon and the mortgaged property sold. The
District Court found that it did not, holding that the seller could not be compelled to 1purchase
Mortgage Loans from the Trust Where the trust no longer holds title to the real property.
PLEASE BE ADVISED THAT, Wells Fargo has provided, or will be providing, a copy
ofthe District Court’s decision to the mortgage loan Servicer@ for the above-referenced Trusts
in schedule A (the “Servicers”). Weils Fargo is deferring to the discretion of the Serviccr(s)
under the applicabie provisions of the governing agreements as to the application of the District
Court’s decision on their servicing of mortgage loans. Wells Fargo is not required to take, and
will not be taking, any additional, other, or further action in response, or otherwise relating, to
the District Court’s decision unless appropriately directed in Writing and indemnified to its
discretion by the requisite directing percentage of Holders in accordance with the applicable
provisions of the governing agreements.
Wells Fargo may conclude that a specific response to particular inquiries from individual
Holders is not consistent With equal and full dissemination of material infomation to all Holders.
Holders of Certificates should not rely on this notice as their sole source of information. The
foregoing is not intended and should not be construed as investment, accounting, financial, legal,
or tax advice by or on behalf of the Trustee, or its directors, ofñcers, agents, attorneys, or
employees. Each of the Holders receiving this notice should seek the advice of their oWn
advisers and/or legal counsel in respect of the matters set forth herein. Wells Fargo makes no
recommendations and gives no investment or legal advice herein or as to the Certiticates
generally.
Wells Fargo hereby reserves all its rights, powers and remedies under the applicable
governing agreements, other operative documents, and applicable law, and may, at any time,
without notice, demand, or the taking of any other action, exercise any and all rights, powers,
and remedies available to it under the applicable governing agreements, and the other operative
documents, as Well as those available at law, equity, or otherwise, Whether with respect to the
events or circumstances referred to above or otherwise. The reservation effected by the
preceding Sentence of this paragraph shall be deemed to be included in any other communication
from Wells Fargo Whether or not it (or any similar reservation) is in fact included in such
communication. ‘
