The Brattle Group was retained by outside counsel representing the Federal Deposit Insurance Corporation (FDIC) in litigation against several financial institutions over the issuance of faulty MBS to a bank’s assets now acquired by the FDIC. We assessed whether the FDIC or the issuing bank should be liable for the mortgage put-back obligations from the originator, and whether and how the transfer of the originator to the bank by the FDIC was affected by contingent put-back liabilities.