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Flagstar Bank to face trial over mortgage servicing: judge

• Reuters

Flagstar Bank (FBC.N), the ninth-largest mortgage lender in the United States, must face trial next month over allegations that it breached contracts for financial guaranty insurance on nearly $1 billion in securities backed by home equity loans.

A federal judge in New York, expanding on an order he issued in February, wrote in an opinion issued on Tuesday that the plaintiff, Assured Guaranty Municipal Corp, had provided enough evidence to survive the bank's motion to throw out the case.

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