Judge Grills Flagstar Expert On Loan Review In $1B MBS Suit

Law360, New York (November 8, 2012, 6:01 PM EST) -- In hearing a New York insurer's contract suit against Flagstar Bank FSB over home loans behind nearly $1 billion in mortgage-backed securities, a New York federal judge on Thursday pressed an expert witness for the bank to explain why the performance of the loans had any bearing on the case.

U.S. District Judge Jed S. Rakoff, who is hearing the case in a bench trial, cast a dim view on the argument put forth by defense expert John Griggs that the long-term performance of many of...
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