Source: http://www.scribd.com/doc/124072909/25/Brewer-testified-that-Assured-generally-looks-at-the-geographic
Timestamp: 2013-12-19 17:21:05
Document Index: 325940174

Matched Legal Cases: ['§ 2', '§ 2', '§ 2', '§ 6', '§ 7', '§8', '§ 7', '§ 3']

Brewer testified that Assured generally looks at the geographic for Assured
Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more ➡DownloadStandard viewFull view of .Add noteSave to My LibrarySync to mobileLook up keyword or sectionLike thisShare on social networks2Activity×There was a problem sending you an sms. Check your phone number or try again later.To get Scribd mobile enter your number and we'll send you a link to the Scribd app for iPhone & Android.We've sent a link to the Scribd app. If you didn't receive it, try again.Text meWe'll never share your phone number.iTunes App Store | Google Play Store×Share to your social networks.TweetEmbedTable Of ContentsFlagstar’s express representations and warranties. BecauseTreasurer and the head of Flagstar Capital Markets Corp.; MarniJPPO ¶¶ A. 11; Trial Tr. 267:25-268:8; Pl. Ex. 76 at 75. All of90 § 2.02(h). Flagstar further agreed in the I&Is that as a. . . was inaccurate at the time [it] was made.” See Pl. Ex198 § 2.04(b). The SSAs further require that if any party to the90 days of becoming aware of it.” Id. § 2.04(d). ShouldFlagstar breach the representations and warranties and fail toMortgage Loan as to which a breach has occurred . . . or to871:21-25. Loans originated through the “retail” channel wereFlagstar oversight before being included in the Trust pools. IdTr. 877:1-3. Flagstar’s underwriters had an average of eight orTrial Tr. 918:19-919:5. Nor were underwriters required to re-24. In both Flagstar’s original underwriting of the loans andValuation Models (“AVMs”): programs that provide real estateAlthough it is unclear how many of the loans that Wetzel TrottAssured might face. Trial Tr. 70:23-25. Assured evaluatedFlagstar’s controls and thus how confident Assured should be inDocuments. Trial Tr. 63:19-24. This was material to AssuredClayton and Bohan graded the loans according to a coding system:96:4-16. This “clearing” process affected the grades given toResidential Mortgage Group prepared executive summaries for eachOriginal Random Sample show these loans to be excellent credit.”Residential Mortgage Group’s executive summaries for the twoBrewer testified that Assured generally looks at the geographicTHE WAR OF EXPERTSLipshutz’s random sample in order “to determine if the loans inFlagstar’s representations and warranties. Although WalzakOctober and November 2011. Trial Tr. 583:19-584:10. WalzakBureau of Labor Statistics. Id. at 306:10-17. When Digital RiskClear Capital used its proprietary AVM (Automated Valuation11. If the stated income exceeded the ninetieth percentile,Labor’s Bureau of Labor Statistics when possible. Id. at 567:6-11. Walzak and later witnesses explained that, although onlineId. at 606:1-3. Walzak found 125 loans in which DTI wasTrial Tr. 328:15-16. A borrower who is taking a loan on her331:12; failed to include all debts in the DTI calculation 70Id. at 1163:1-2. Griggs opined that Walzak’s findings of1166:2; Def. Ex. BBD 1-126. Griggs himself reviewed the 126Griggs judged that Walzak got the allegation wrong. A total ofWalzak’s allegations were graded “D” for duplicative orWalzak’s allegations with respect to that loan. Id. at 1190:24-25. In total, Griggs determined that 43 of the 126 loans that heGriggs found that Walzak’s duplicative questions caused her toMortgage Electronic Registration System (“MERS”) that theTrial Tr. 337:5-339:18. Griggs found that the misrepresentationWalzak’s recalculated DTI failed to account for potential rentalFICO score and additional rental properties; her employment hadCapital’s AVM. See Pl. Ex. 190. Clear Capital’s appraisal pricedFlorida development. Digital Risk looked at the borrower’sMichigan. See Trial Tr. 356:6-358:2. Griggs did not review thisFlagstar’s underwriter had not confirmed the borrower’sDigital Risk file for this loan indicates that Digital RiskTrial Tr. 1007:1-5. Nielsen pointed to the loan ending in 9550Walzak’s underwriting team; Digital Risk’s findings were then432:10-13. Dr. Mason further testified that the Trusts wouldTrial Tr. 429:23-25. Dr. Mason testified that he applied theMason’s spreadsheet calculating the damages owed to AssuredRESOLUTION OF THE CONFLICTING EXPERT TESTIMONYTrusts as a whole complied with or breached Flagstar’sTrial Tr. 254:3-19 – based on a mistaken understanding of theDocuments. Id. at 257:8-12. Flagstar argues that the keyWalzak’s description of herself as “results-oriented” exhibits a(Griggs). Not every violation of Flagstar’s underwriting17. Moreover, where the guidelines allow for the considerationWalzak’s reviewers looked to inquiries on a borrower’s creditsection of questions filled out by Walzak’s underwriters. Id. atDigital Risk entered the value of the borrower’s years in his25. In particular, Flagstar makes much of the fact that WalzakAssured’s claims that Flagstar breached its contractualTrusts. The Transaction Documents are expressly governed by NewYork law. Pl. Ex. 90 § 6.05; Pl. Ex. 451 § 7.02; Pl. Ex. 198 §8.02. Under New York law,451 § 7.08 (making Assured a third-party beneficiary to the SSAsTransaction Documents. See Pl. Ex. 451 § 3.02(c)(describing the(1) “Each Mortgage Loan was originated in good faith and inTrial Tr. 555:25-556:9 (Walzak); 1044:18-24 (Nielsen); 1171:17-Court’s determination of material breach what Flagstar believesGriggs rated a 1 and the 67 that Griggs rated a 2. Trial TrWalzak’s conclusions and finds them sufficiently without meritSSAs provide that Flagstar’s cure or repurchase obligations are(requiring Flagstar to accept transfer of a “Mortgage Loan as toFlagstar’s knowledge as to a subset of breaches – whether thatCourt adheres to that decision now and finds that Assured’sAssured’s demands arising from the January 2009 repurchaseFlagstar was made aware of Assured’s claim of pervasive andCourt previously held “Flagstar’s ‘cure or repurchase’Flagstar’s breach of a representation or warranty.” Am. Mem. atFlagstar into each Trust in the amount of the “TransferFlagstar’s Transferor’s Interest in a securitization isFlagstar’s estimate of its Transferor’s Interest dropped twenty428:4-16; see also Diesel Props S.r.l. v. Greystone Bus. CreditCourt accepts Dr. Mason’s largely unrebutted testimony thatFlagstar already paid (which Dr. Mason admitted were left outFlagstar complied with its contractual obligations. Trial Tr431:1-18. Given the background rule that contractual rates ofThe Court’s opinion granting in part Flagstar’s motion toCourt stated in its opinion that “the ‘sole remedy’ provisionsFlagstar refuses to comply with its repurchase obligations.” AmFlagstar. Because the Court is unable to assess the validity ofAssured’s counsel’s claims that its servicing-based reductions0 of .Results for: No results containing your search query{{& result_text }}
P. 1AssuredAssuredRatings: 0|Views: 832|Likes: 1Published by DinSFLAFlagFlagMore info:Published by: DinSFLA on Feb 06, 2013Copyright:Attribution Non-commercialAvailability:Read on Scribd mobile: iPhone, iPad and Android.Free download as PDF, TXT or read online for free from ScribdFlag for inappropriate content|Add to collectionSee MoreSee lesshttp://www.scribd.com/doc/124072909/Assured03/04/2013pdftextoriginal 1UNITED STATES DISTRICT COURTSOUTHERN DISTRICT OF NEW YORK-------------------------------------xASSURED GUARANTY MUNICIPAL CORP. :f/k/a FINANCIAL SECURITY ASSURANCE :INC., : 11 Civ. 2375 (JSR):Plaintiff, : FINDINGS OF FACT,: CONCLUSIONS OF LAW,-v- : AND ORDER:FLAGSTAR BANK, FSB; FLAGSTAR CAPITAL :MARKETS CORP.; and FLAGSTAR ABS, LLC,::Defendants. :-------------------------------------xJED S. RAKOFF, U.S.D.J.Plaintiff Assured Guaranty Municipal Corporation(“Assured”)
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