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Ambac v. EMC

In Ambac v. EMC, provided expert testimony on behalf of Ambac Assurance Corporation (Ambac) in a dispute with JPMorgan Chase over residential mortgage-backed securities (RMBS). Ambac alleged that 11 RMBS sponsored by EMC Mortgage LLC (EMC), a subsidiary of JPMorgan Chase, were knowingly securitized with defective mortgage loans. Estimated damages to Ambac caused by insuring EMC-sponsored RMBS. Reconstructed the payment waterfalls and forecasted future loan performance to create a “but-for” model in which EMC bought back all significantly defective loans. JPMorgan Chase agreed to a $995 million settlement.

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