MBIA Gets OK To Use Stats In Countrywide Fraud Suit

Law360, New York (December 23, 2010, 6:09 PM EST) -- A New York judge has agreed to allow bond insurer MBIA Insurance Corp. to use statistical sampling to support fraud and breach of contract claims in a suit accusing Countrywide Financial Corp. of baiting it into insuring more than $20 billion in mortgage-backed securities.

Judge Eileen Bransten of the New York Supreme Court on Wednesday granted MBIA’s motion in limine to use samplings from the 15 securitizations at issue in the suit to pursue claims against Countrywide, which is now owned by Bank of America Corp.,...
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