Countrywide Can't Slip Fraud Claim In Ambac's RMBS Case
Law360 (January 3, 2019, 10:40 PM EST) -- A New York state judge has declined to pare Ambac Assurance Corp.'s long-running lawsuit over a slew of pre-crisis, Countrywide-sponsored residential mortgage-backed securitizations that it insured and expects to pay out about $2 billion in claims on all told, denying bids that sought, among other things, to ditch Ambac's fraud claim and split the case up for trial.
In the suit, which dates to 2010, Ambac has alleged that it was fraudulently induced by Countrywide Financial Corp. into insuring the payment streams from securities issued in 17 RMBS deals between 2004 and 2006 and that Countrywide's underwriting of loans backing those...
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