Syncora Gets Quick Win In Suit Over $666M In MBS

Law360, New York (March 28, 2011, 5:52 PM EDT) -- A New York federal judge granted Syncora Guarantee Inc. a partial win Friday in its suit accusing EMC Mortgage Corp. of misrepresenting loans involved in $666 million in mortgage-backed securities for which the insurer covered investor returns.

Judge Paul A. Crotty of the U.S. District Court for the Southern District of New York found that agreements outlining elements of the transaction do not limit Syncora's claims to what would be a fraction of the total loans involved, as EMC had argued.

“The operative documents grant especially...
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