Category Archives: mortgage insurers

BofA and Countrywide Appeal Order Allowing MBIA Vicarious Liability Claim To Proceed


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In a move that could have dramatic consequences for the financial stability of Bank of America (BofA), a New York state court judge has held that monoline bond insurer MBIA can go forward with claims that BofA be held vicariously … Continue reading

Posted in Attorneys General, BofA, bondholder actions, Countrywide, Greenwich Financial Services, loan files, merger, mortgage insurers, predatory lending, settlements, successor liability, vicarious liability, William Frey | 10 Comments

Say It Ain’t So: SEC Charges "Shoeless" Goldman Sachs With Setting Up CDO To Fail


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In a move that represents a significant and unexpected expansion in U.S. regulators’ efforts to crack down on Wall Street, the Securities and Exchange Commission (“SEC”) has charged Goldman Sachs, Wall Street’s most powerful bank, with fraud over its marketing … Continue reading

Posted in AIG, CDOs, Goldman Sachs, investors, lenders, MBIA, mortgage insurers, Paulson and Co., regulation, SEC, securities, securities fraud, Wall St. | Leave a comment

Countrywide Complaint Against A.I.G. Subsidiary United Guaranty Now Available


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Earlier this week, I posted the complaint filed by A.I.G. subsidiary United Guaranty Mortgage Indemnity Co. (UG) in federal court in Los Angeles. The Subprime Shakeout has now obtained the complaint that started this battle of mortgage industry titans, filed … Continue reading

Posted in AIG, bad faith, causes of the crisis, Complaints, Countrywide, lawsuits, lenders, lending guidelines, loss causation, mortgage insurers, removability, sophistication, subprime, underwriting practices | Leave a comment

A.I.G. and Countrywide Go Head-to-Head Over Mortgage Insurance Coverage


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The battle of the titans has begun. As reported by Reuters on Friday, both A.I.G. and Countrywide have now sued one another over who will bear the losses on a $1 billion pool of subprime mortgage loans. Countrywide fired the … Continue reading

Posted in AIG, allocation of loss, causes of the crisis, Countrywide, lawsuits, lenders, litigation, loss causation, misrespresentation, mortgage insurers, underwriting practices, United Guaranty | 1 Comment

AMBAC Sues Bear Stearns Subsidiary For Shoddy Underwriting


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Mortgage insurance company Ambac Assurance Corp. has become the latest plaintiff to bring a lawsuit against a mortgage originator for improper underwriting, suing Bear Stearns subsidiary EMC Mortgage Corp. in the United States District Court for the Southern District of … Continue reading

Posted in Ambac, Bear Stearns, broader credit crisis, Complaints, lawsuits, litigation, misrespresentation, mortgage fraud, mortgage insurers, securitization, underwriting practices | Leave a comment