Assured Guaranty Municipal Corp v Flagstar Bank, FSB | New York mortgage trial could have broad impact on Wall Street

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New York mortgage trial could have broad impact on Wall Street

New York mortgage trial could have broad impact on Wall Street

Read the Transcript: Assured vs Flagstar – “In 2006 transaction, two out of three loans breached those promises, In 2005 transaction, the number was as high as 85 percent”

Reuters-

A Michigan bank accused of misstating the quality of home loans it repackaged into mortgage-backed securities is set to go to trial on Wednesday, in a case that could affect pending lawsuits against some of Wall Street’s biggest firms.

The lawsuit against Flagstar Bancorp Inc (FBC.N) of Troy, Michigan, is one of the first to go to trial over claims that a lender misrepresented loans pooled into mortgage-backed offerings.

Flagstar was sued in 2011 by bond insurer Assured Guaranty Ltd (AGO.N), which had guaranteed $900 million of securities and was on the hook to pay investors when the investment plummeted in value in the housing market meltdown.

[REUTERS]

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