Alison Frankel: Assured trial: Loan file fraud fireworks mask key sampling issue

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Assured trial: Loan file fraud fireworks mask key sampling issue

Assured trial: Loan file fraud fireworks mask key sampling issue

This is looking the case to follow.


Reuters-

 The bond insurer Assured Guaranty couldn’t have asked for a more engaged judge than U.S. Senior District Judge Jed Rakoff of Manhattan, who threw some tough questions at a Flagstar underwriting manager on Monday, as Assured’s $110 million bench trial against Flagstar nears an expected end this week. Rakoff was fixated on one of the loans underlying the Flagstar mortgage-backed securities that Assured insured, in which the borrower — a Detroit police officer — claimed to be the president of a mortgage brokerage. The judge was so disturbed by the loan-level details that emerged Monday that he twice mused whether to refer the matter to prosecutors in Michigan. It made for great theater, as you’ll see below. But don’t let the fraud kerfuffle fool you: Rakoff is poised to issue substantive rulings that will have a broad impact on bond insurers’ attempts to recoup money from MBS issuers.

[REUTERS ON THE CASE]

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