Syncora, EMC Spar Over Terms Of $666M MBS Repo Deal

Law360, New York (June 13, 2012, 7:34 PM EDT) -- EMC Mortgage Corp. and Syncora Guarantee Inc. on Wednesday clashed over whether their repurchase agreement over $666 million in mortgage-backed securities requires Syncora to prove actual losses from EMC's alleged misrepresentations before the JPMorgan & Chase Co. unit can agree to repurchase soured loans.

Syncora, a financial guarantee insurance provider, had suffered the losses when it agreed to insure the securities based on EMC's allegedly false warranties about the quality of the underlying loans, its attorney Philip Forlenza of Patterson Belknap Webb & Tyler LLP said,...
To view the full article, register now.