Insurer Seeks Quick Win In $4.5M WaMu Coverage Row

Law360, New York (February 10, 2011, 6:38 PM EST) -- First American Title Insurance Co. has said the Federal Deposit Insurance Corp. lost its right to enforce an obligation to reimburse Washington Mutual Bank NA for a $4.5 million mortgage scam following WaMu's post-bankruptcy sale to JPMorgan Chase Bank NA.

There is no factual basis in the FDIC's claim that it retained the rights to a closing protection letter related to WaMu's policy and therefore retained standing to sue, First American said in a summary judgment bid Thursday in the U.S. District Court for the Eastern...
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