Radian Seeks To Nix Quicken Loan Insurance Claims

Law360, Washington (August 2, 2011, 6:56 PM EDT) -- Radian Guaranty Inc. sued Quicken Loans Inc. in Pennsylvania on Tuesday seeking to rescind 140 certificates for mortgage insurance coverage on loans Quicken bought or originated, alleging Quicken failed to comply with the standard of care required by policy documents for the loans.

Quicken has asserted mortgage insurance claims against Radian for losses it claims to have sustained as a result of defaults by borrowers on the mortgage loans in question. However, Quicken “made materially false warranties and representations to Radian in the underwriting process,” according...
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