Photo of Karl N. Snow, PhD

Selected Expertise

  • Asset and mortgage-backed securities
  • Damages estimation
  • Equity, fixed-income, and derivatives securities valuation
  • Fair lending and disparate impact analysis
  • Insurance allocation and valuation
  • Investment banking
  • Market manipulation
  • Sampling analysis
  • Securities analysis
  • Statistical analysis

Selected Industries

  • Commodity markets
  • Finance
  • Fixed income instruments
  • Insurance
  • Mortgage finance
  • Securities
  • Structured products
  • Subprime lending

Karl N. Snow, PhD

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Karl N. Snow has more than 20 years of experience providing financial, economic, and statistical analysis as a consultant, an academic, and a professional in the investment and mortgage banking industries. He has submitted expert reports and provided testimony in federal and state courts on economic damages and asset valuation. He provides consulting advice and expert analysis on a wide range of issues involving financial securities, insurance coverage and valuation, mortgage markets, structured products, hedge funds, contract claims, bankruptcy, and discrimination in mortgage and labor markets.

Prior to joining Bates White, Dr. Snow was a Senior Economist at Welch Consulting in Silver Spring, Maryland. He also served as Principal Economist in the Housing Analysis and Research group at Freddie Mac, and as Director at UBS Investment Bank (formerly UBS Warburg). In addition to his professional experience, Dr. Snow held professorships in the finance departments of the Kenan-Flagler Business School at the University of North Carolina-Chapel Hill and the Stockholm School of Economics, and in the economics department at Brigham Young University. Dr. Snow has taught courses and presented workshops on finance and economic topics at academic institutions in Europe and the United States.

Selected Experience

  • In the matter Syncora Guarantee Inc. v. EMC Mortgage Corp. involving mortgage-backed securities, submitted an expert report in federal court. Discussed the economics of the securitization process and estimated damages resulting from the alleged failure of the securitization sponsor to repurchase underlying loans that breached various representations and warranties.
  • In the matter In re TFT-LCDs Antitrust Litigation, submitted expert reports calculating damages on behalf of two OEM direct-action plaintiffs. Analyzed issues of pass through at multiple stages of the supply chain.

  • In the matter FGIC v. Countrywide, submitted an expert report in state court on statistical analysis to estimate the fraction of mortgage loans in various securitized pools that allegedly failed to meet the originator’s stated guidelines and/or breached representations and warranties. Designed stratified statistical sampling framework and extrapolated defect rates to various populations of loans.

  • In the matter SACO I Trust 2006-5 v. EMC Mortgage Corp. involving mortgage-backed securities, submitted a declaration in state court on the viability, acceptability, and reliability of sampling to determine the rate of alleged defective mortgages and estimate damages.

  • In the matter Twin City Fire Insurance Co. et al. v. Arch Insurance Group Inc., submitted an expert report in state court on damages alleged to have been caused by various employees leaving one corporation for a competitor. Estimated potential damages after controlling for appropriate business and economic factors and analyzed issues related to economic causation.

  • In the matter First American CoreLogic, Inc. v. Fiserv involving a patent for estimating residential property values, submitted expert reports and testified in federal court. Assessed the validity of the patent in light of the prior art which included both academic research and industry-based estimation systems and analysis. Investigated whether a specific automated valuation model infringed upon the patent.

  • In the matter In re Garlock Sealing Technologies, LLC, submitted an expert report in federal court. Determined the appropriate discount rate and calculated the present value of the company’s asbestos-related liabilities.

  • In the matter In re Plant Insulation Company, Chapter 11 Bankruptcy, submitted expert reports in federal court on the value of various proposed transactions on behalf of a group of insurers. Analyzed the economic substance of the transactions and valued financial securities that would be created as part of the reorganization including equity, options, and fixed-income securities. Estimated the appropriate discount rates for various fixed-income securities.

Education

PhD, Economics, University of Chicago

MA, Economics, University of Chicago

BA, Economics, Brigham Young University