Karl Snow testifies in residential mortgage-backed securities matter
On May 11, 2016, Karl Snow testified as the damages expert on behalf of plaintiffs in Mastr Adjustable Rate Mortgages Trust 2006-OA2 v. UBS Real Estate Securities, a residential mortgage-backed securities (RMBS) matter. Plaintiffs alleged that UBS failed to repurchase mortgages that breached representations and warranties made by UBS regarding the quality of the mortgages underlying the certificates issued by the trusts.
Quinn Emanuel Urquhart & Sullivan retained Karl Snow to calculate damages suffered by trusts or certificate holders as a result of UBS’s alleged failure to repurchase mortgages that breached the representations and warranties. Karl testified in federal court that the trusts had incurred damages of more than $2 billion as a result of the alleged breaches. Additionally, Karl testified that the trusts were harmed at the time the loans were sold to the trusts because the price paid would have been lower if its characteristics had been accurately disclosed.