Ambac Sues Deutsche Bank Over $900M RMBS Trust Losses
By Dave Simpson (August 16, 2018, 9:49 PM EDT) -- Ambac asked a New York federal court Thursday to release it from an obligation to insure some of the $900 million in losses suffered by a residential mortgage-backed securities trust managed by Deutsche Bank National Trust Co., saying the banking giant did not hold the underlying loan issuer accountable.
Ambac Assurance Corp. claims that DBNT, tasked as the trustee of Harborview 2006-9, whose loans were originated by Countrywide Home Loans Inc., should have been more aggressive in requiring Countrywide and its successor, Bank Of America Corp., to honor their contractual obligation to buy back loans that breach representations and warranties....
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