MBIA Stakes Claims To IndyMac MBS Losses In DC Circ.

Law360, New York (June 5, 2012, 5:47 PM EDT) -- MBIA Insurance Corp. urged the D.C. Circuit on Monday to revive its suit claiming the Federal Deposit Insurance Corp. wrongly refused to reimburse it for losses on mortgage-backed securities contracts with collapsed bank IndyMac Bank FSB.

The insurer lodged its opening brief challenging a federal judge's Oct. 6 decision in favor of the FDIC, which acted as IndyMac’s receiver after it failed in July 2008. At the time, the judge ruled that MBIA's losses under mortgage-backed securities agreements with IndyMac constituted worthless general creditor claims, rather...
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