9th Circ. Reverses Remand Of Countrywide Coverage Suit
Law360, New York (June 15, 2011, 9:25 PM EDT) -- The Ninth Circuit on Wednesday overturned a district court's decision to remand a suit brought by Countrywide Home Loans Insurance Co. and BAC Home Loans Servicing LP against Mortgage Guaranty Insurance Co. over a mortgage loan insurance policy.
The dispute is centered on a flow policy under which MGIC insures Countrywide against borrower defaults on Countrywide mortgage loans.
MGIC said that the district court was required to consider its motion under the Federal Arbitration Act to delay sending the suit to state court until arbitration was completed. Countrywide argued the issue of arbitrability should not be excepted from a federal court’s...
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