Rakoff Grills Expert Witness In $1B MBS Flagstar Trial

Law360, New York (October 16, 2012, 6:53 PM EDT) -- New York District Judge Jed S. Rakoff grilled a plaintiff's expert witness Tuesday about the specifics of several home loan applications approved by Flagstar Bank FSB in a federal contract case by an insurer over two pools of mortgaged-backed securities issued by Flagstar totaling nearly $1 billion 

Judge Rakoff is presiding over a bench trial concerning the two MBS pools insured by Assured Guaranty Municipal Corp., which has claimed that the home equity loans backing the pools that were approved by Flagstar underwriters are replete with material...
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