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Mastr Adjustable Rate Mortgages Trusts 2006-OA2, 2007-1, 2007-3 v. UBS Real Estate Securities

In 2016, Karl Snow testified as the damages expert on behalf of plaintiffs in Mastr Adjustable Rate Mortgages Trust 2006-OA2, et al. 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 Dr. Snow on behalf of US Bank National Association, as trustee for the Trusts, 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. Dr. Snow testified in federal court that the trusts had incurred damages of more than $2 billion as a result of the alleged breaches. Additionally, Dr. Snow 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.

In 2020, the District Court of the State of Minnesota approved the $850 million settlement agreement between UBS and three RMBS Trusts. Dr. Snow submitted a report and testified on behalf of the Trusts in support of the reasonableness of the settlement agreement. The settlement was unsuccessfully challenged at trial by a group of objectors when the court rejected their arguments.

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