Appaloosa Wants In On Stuy Town Foreclosure Suit

Law360, New York (February 25, 2010, 12:43 PM EST) -- Appaloosa Investment LP has filed a bid to wedge itself into the foreclosure proceedings over two massive New York housing developments, saying the mortgage servicer has compromised Appaloosa's $750 million investment in the mortgage's securities.

The investment firm filed a motion to intervene in the foreclosure proceedings in the U.S. District Court for the Southern District of New York on Tuesday, saying CWCapital Asset Management LLC has violated its obligations to certificate holders like Appaloosa.

Bank of America NA and the other trustees for the mortgage,...
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