This memorandum is uncorrected and subject to revision before publication in the New York Reports. ----------------------------------------------------------------- No. 39 Nomura Home Equity Loan, Inc., Series 2006-FM2, by HSBC Bank USA, National Association, solely in its capacity as Trustee, et al., Respondents, v. Nomura Credit & Capital, Inc. Appellant. (And Three Other Actions.)

Joseph J. Frank, for appellant.

Michael S. Shuster, for respondents.

Securities Industry and Financial Markets Association; Sand Canyon Corporation, amici curiae.

* * * * * * * * * * * * * * * * * Reargument ordered for a future Court session.

Decided May 9, 2017