The transaction in concern is generally referred to simply as ACE. ACE was a 2006 property mortgage-backed security whose full name is ACE Securities Corp., Home Equity Loan Trust, Series 2006-SL2, due to the fact that thats the sort of unwieldy assortment of a name banks offered home mortgage securities in 2006. Also, due to the fact that ACE was a home loan security issued in 2006, it ended up being fulled of a great deal of actually bad mortgages. The home loans in ACE were so bad– 2,375 of 5,000 loans were presumably misstated– that the financiers who bought the security sued the unit of Deutsche Bank that sold it. However it took them until2012to recognize that and submit a lawsuit against Deutsche– just over six years after the deal was done.