First American Can't Nix $2.3M Verdict Over WaMu Loan

Law360, New York (June 20, 2012, 6:08 PM EDT) -- First American Title Insurance Co. on Wednesday lost a bid to overturn a Michigan federal jury’s $2.3 million verdict over its liability for a fraudulent mortgage loan issued by now-defunct Washington Mutual Bank.

U.S. District Judge Marianne O. Battani denied First American’s Feb. 27 motion to reverse the Dec. 1 verdict in favor of intervening plaintiff Federal Deposit Insurance Corp., which sustained the loss while acting as receiver for WaMu. The suit stems from a 2007 real estate transaction — closed by First American affiliate Patriot...
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