* U.S. judge orders Flagstar to pay Assured Guaranty $90.1 million
* Lawsuit focused on quality of loans in mortgage-backed securities
* Assured had sought $116 million
By Nate Raymond
NEW YORK, Feb 5 (Reuters) – Flagstar Bancorp Inc was ordered on Tuesday to pay $90.1 million to bond insurer Assured Guaranty Ltd in a contract dispute over loans underlying $900 million in mortgage-backed securities.
U.S. District Judge Jed Rakoff in Manhattan ruled that Flagstar had materially breached contracts specifying the quality and characteristics of the loans to be packaged into the securities.
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
ASSURED GUARANTY MUNICIPAL CORP.
f/k/a FINANCIAL SECURITY ASSURANCE
FLAGSTAR BANK, FSB; FLAGSTAR CAPITAL :
MARKETS CORP.; and FLAGSTAR ABS, LLC,:
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