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Flagstar to Pay Assured Guaranty $90M for ‘Defective’ Loans

A judge in the Southern District of New York ruled Tuesday that Flagstar Bancorp will have to pay Assured Guaranty Municipal Corp. more than $90 million for defective mortgages packaged in residential mortgage-backed securities (RMBS). U.S. District Judge Jed Rakoff ruled that Flagstar must pay $90.1 million to Assured for misrepresenting loans in insured securities. Flagstar must also pay interest, attorneys' fees, and other costs to be determined.

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