Broker Defends Ownership Of Junk Wells Fargo Mortgages

Law360, New York (March 20, 2017, 4:20 PM EDT) -- A holding company that allegedly suffered $230 million in losses because Wells Fargo & Co. rubber-stamped junk mortgages told a Manhattan federal magistrate judge on Friday that the company has proven ownership of the at-issue mortgages and that the bank's contentions otherwise are false.

Phoenix Light SF Ltd., which holds residential-mortgage backed securities shed by German bank WestLB AG during the financial crisis, told Judge Sarah Netburn that the company had turned over trade tickets, asset purchase agreements and other documents showing it owns three out...
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