Opinion
11 Civ. 2375 (JSR)
10-27-2011
ASSURED GUARANTY MUNICIPAL CORP. f/k/a FINANCIAL SECURITY ASSURANCE INC., Plaintiff, v. FLAGSTAR BANK, FSB, FLAGSTAR CAPITAL MARKETS CORP., and FLAGSTAR ABS, LLC, Defendants.
ORDER
The defendants' Motion for Reconsideration or Clarification is denied, except in two respects in which the Court's Memorandum of September 8, 2011 is amended to conform "to the contemporaneous intent of the court." See Robert Lewis Rosen Assocs., Ltd. v. Webb, 473 F.3d 498, 505 n.11 (2d Cir. 2007). Specifically, the Amended Memorandum, separately filed today, contains changes to two sentences. First, on page 19, a sentence is changed from: "[u]nder the Transaction Documents, after Flagstar repurchases a given loan, it is obligated to compensate the Trust for any resulting Transfer Deficiency by conveying to AGM an amount of funds equivalent to either 'the Asset Balance of the Defective Loan' or, as is not relevant here, an amount sufficient to bring the loan pool back to a proper level of overcollateralization" to "[u]nder the Transaction Documents, after Flagstar repurchases a given loan, it is obligated to compensate the Trust for any resulting Transfer Deficiency by conveying to the Custodial Account an amount of funds equivalent to either 'the Asset Balance of the Defective Loan' or, as is not relevant here, an amount sufficient to bring the loan pool back to a proper level of overcollateralization. Second, on page 20, a sentence is changed from: "[a]ccordingly, the Court concludes that the 'Transfer Deficiency' for the charged off loan population must be made by reference to the loans as they existed during the applicable repurchase period" to "[a]ccordingly, based on the allegations in the Complaint, the Court concludes that the 'Transfer Deficiency' for the charged off loan population must be made by reference to the loans as they existed during the applicable repurchase period."
SO ORDERED. Dated: New York, NY
October 27, 2011
/s/_________
JED S. RAKOFF, U.S.D.J.