Originally posted on September 20, 2016
New York, NY
A New York judge on Tuesday approved a settlement that significantly reduces a $1.3 billion claim brought by insurer Syncora Guarantee Inc. against the Lehman Brothers bankruptcy estate over faulty residential mortgage-backed securities originating from GreenPoint Mortgage Funding Inc.
The settlement, approved by U.S. Bankruptcy Judge Shelley Chapman, will reduce the size of Syncora’s claim against Lehman to $37 million. The deal also releases Lehman from potential claims brought by U.S. Bank NA, indenture trustee to a securitized trust consisting of more than 29,000 GreenPoint loans….
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