NY Judge Expands FGIC Discovery In Countrywide MBS Suit

Law360, New York (November 27, 2012, 5:37 PM EST) -- A New York state judge ruled Tuesday that Bank of America Corp.'s Countrywide Financial Corp. must turn over information about possibly defective loans that might've found their way into mortgage-backed securities that were insured by monoline insurer Financial Guaranty Insurance Co.

Judge Eileen Bransten said during a hearing that Countrywide must turn over a host of documents about mortgage insurers who might have rejected insurance claims from borrowers under Countrywide loans that eventually found their way into securitizations, as well as loans marked as not worthy...
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