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AIG Unit Tries To Nix Countrywide Mortgage Suit

Law360 (May 28, 2009, 12:00 AM EDT) -- American International Group Inc. subsidiary United Guaranty Corp. has renewed efforts to dismantle a federal suit brought against it by Countrywide Bank FSB seeking coverage for losses on defaulting subprime mortgages, arguing that a decision on Countrywide's claims cannot come through declaratory judgment.

United Guaranty argued in two motions filed Wednesday in the U.S. District Court for the Central District of California that the mortgage-insurance contracts it issued Countrywide for 22 second-lien mortgages mandated that companies seek arbitration to resolve disputes; relief for the remaining 16...
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