William Van de Water, Portfolio Manager
William Van de Water, Portfolio Manager

Indirect Litigation Trade

Case Studies

Although ESM is not always a direct party to litigation, they closely follow any litigation that involves non-agency RMBS.

There has been a significant ongoing litigation that involves several trusts that were organized by JP Morgan. This litigation is at its end-stage, and, at this point, there are minor court rulings coming out. The court rulings involve the timing as well as the amount of the settlement that needs to be paid out to each trust by JP Morgan. ESM is constantly looking at these bonds when they are offered into the market.

In January 2020, the court made a ruling that impacted the payout on several of the mortgage bonds involved in the litigation. The court ruling was somewhat difficult to understand for those not familiar with the entire case.

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William Van de Water, Portfolio Manager
William Van de Water, Portfolio Manager
William R. Van de Water, Portfolio Manager is portfolio manager of an event-driven, non-agency RMBS strategy at Rational Funds. He joined ESM as a RMBS analyst and trader in June 2009 and became a managing director in December 2009. In 2014, Mr. Van de Water became a co-portfolio manager at ESM Management. From 2005 through March 2009, Mr. Van de Water worked in the Boston office of Susquehanna International Group. His primary responsibility was to analyze, and trade mortgage backed securities. Mr. Van de Water earned joint B.S. degrees in Physics, Business, Economics, and Management from the California Institute of Technology in 2005.

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