U.S. District Judge Paul Crotty in Manhattan ruled that, to put EMC Mortgage on the hook to repurchase failed loans underlying a mortgage-backed security, Syncora and its lawyers at Patterson Belknap need only show that EMC misrepresented the quality of the loans when the security was issued.
Another Judge Sides with Bond Insurers, Rejects Banks' Causation Argument in MBS Wars
The Litigation Daily
June 20, 2012
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