Flagstar Atty Grills Witness On Loan Review In $1B MBS Trial

Law360, New York (October 15, 2012, 7:18 PM EDT) -- A mortgage risk consultant who testified that Flagstar Bank FSB's loan underwriting practices were widely flawed was grilled about her methodology in New York federal court Monday in an insurer's contract suit over nearly $1 billion in mortgage-backed securities issued by Flagstar.

Rebecca A. Walzak, founder and owner of rjbWalzak Consulting Inc., is a critical expert witness for insurer Assured Guaranty Municipal Corp., which accuses Flagstar of lying about the origination and underwriting of thousands of home equity loans. Walzak's cross-examination by defense counsel highlighted a...
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