2012-10-24 — thomsonreuters.com
``First, though, the kerfuffle. The excitement began when Flagstar's lawyers from Arnold & Porter launched their arguments for excluding testimony from Assured's underwriting and statistics experts. Those experts presented the bulk of the bond insurer's case accusing Flagstar of breaching representations and warranties on the loans underlying the securities Assured guaranteed, so the back-and-forth with the judge was quite intense. According to a transcript of Monday's proceeding, when Assured's lead counsel, Jacob Buchdahl of Susman Godfrey, stood up to defend the methodology of his underwriting expert, Rakoff brought up the suspect loan file, which he had selected at random for review last week when Assured's expert was testifying. At the time, the judge noticed that the loan applicant claimed to be both a Detroit cop and the president of a financial services company, which smacked of fraud to Rakoff.''
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