Flagstar-AGM Trial Over $1B MBS Draws To A Close

Law360, New York (November 12, 2012, 10:26 PM EST) -- A tense, drawn-out contract case in New York federal court between an insurance company and a Michigan bank over the bank's approval of home equity loans behind nearly $1 billion in mortgage-backed securities concluded Monday with impassioned closing arguments from both sides.

The parties delivered dueling summations in the twelfth day of testimony in Assured Guaranty Municipal Corp.'s suit against Flagstar Bank FSB over the mortgage-backed securities, which Assured insured under its financial guaranty policies. AGM alleges that the Flint, Mich.-based bank lied about the origination and...
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