Throughout his career, Eric has led numerous banking-related matters and has supported clients throughout the financial services industry in addressing complex commercial litigation and government investigations, including those stemming from the credit crises. He has deep insight and extensive knowledge of the various mortgage markets and products, including residential and commercial loan originations, mortgage banking, securitizations, and servicing operations. Eric has also gained considerable experience conducting mortgage underwriting and mortgage servicing reviews, assessing internal controls and corporate governance, investigating allegations of fraud, and analyzing damage claims, among other areas. Eric has assisted in the drafting and preparation of over 30 expert reports.
Eric’s professional experience includes:
- Led several teams responsible for completing eight significant expert reports for multiple clients/law firms who belonged to the same defense group. Eric’s teams were responsible for assessing (i) compliance with certain representations and warranties made by various mortgage originators and (ii) compliance with the representations and warranties governing hundreds of securitizations. As part of these efforts, his teams were tasked with assessing compliance with guidelines, evaluating potential evidence of fraud/misrepresentations, and determining materiality. The results of these efforts were incorporated into the allocation of purported damages stemming from a previous bankruptcy settlement by a large financial institution.
- Led multidisciplinary teams in conducting large-scale re-underwriting reviews of thousands of mortgage loans (prime, Alt-A, subprime, 2nd liens, HELOCs) that served as the underlying collateral for RMBS trusts. The reviews were in response to repurchase demands made by monoline insurers, GSEs, and trustees who allege that various representations and warranties made by large financial institutions were breached. Eric’s teams were primary responsibility for independently analyzing the merits of alleged deficiencies in the credit and compliance standards that were applied during the underwriting process of the loans at issue.
- Led review team in the evaluation of mortgage servicing-related allegations made by a state attorney general on loans serviced by the subsidiary of a major international bank. Eric’s team was responsible for reviewing servicing records and post-closing documentation to rebut allegations that the servicer was engaged in unfair and deceptive practices that were in violation of various state consumer protection laws with regards to the loss mitigation options and assistance offered to borrowers in default or on the verge of default on their mortgage loans (including HAMP or private loan modifications, repayment plans, and forbearance agreements). A key focus of the review was in establishing that the servicer did offer borrowers all available loss mitigation options and that the denial of HAMP (or private) loan modifications was reasonably justified because the borrower did not meet the applicable eligibility requirements.
- Assisted the audit committee of a major US homebuilder in reviewing the loan origination and underwriting practices of its mortgage financing unit. This project involved the review of thousands of loan files across several states.
- Assisted counsel and experts in the banking field in evaluating damages claims by a California-based bank associated with the alleged forced disposition of assets, including over $1 billion of ARM loans and $500 million of high yield securities.
- Assisted counsel and experts in the banking field in evaluating damages claims by a New York-based bank associated with the alleged forced sale of assets, including a subsidiary that was one of the largest issuers of private-label mortgage-backed securities in the US. Analyzed key aspects of the private-label MBS market, and the impact of various funding arrangements and credit enhancement scenarios on bank capital ratios.
- Assisted counsel in evaluating damages claims involving the failure of a thrift institution. Investigated the reason for the thrift’s failure, including reviewing and analyzing specific real estate investment loans issued by a subsidiary and the accounting practices pertaining to the recording of losses on these loans.
- Assisted with the production of expert reports and trial demonstratives that have been filed in US federal court in which the government was alleged to have breached certain contracts with various financial institutions.