Insurers Lose Bid To Revive $1.8B MBS Suit In Top NY Court
By Pete Brush (February 25, 2014, 1:30 PM EST) -- New York's top court on Tuesday turned aside an appeal by CIFG Assurance North America Inc. and Syncora Guarantee Inc. to revive a claim for damages against GreenPoint Mortgage Funding Inc. over $1.8 billion in mortgage-backed securities after lower courts found the monoline insurers' claims were blocked by an earlier order.
The New York Court of Appeals' ruling squashed a fresh claim against the the California-based mortgage banking company over the failures of loans that served as collateral in the hefty securitization transaction. The high court's move ends the bid to redraw the claims under the doctrine of res judicata, which...
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