The New York Supreme Court on Wednesday ruled that MBIA Insurance Corp. did not have any way to discover if GMAC Mortgage LLC intentionally misrepresented the true nature of mortgage-backed securities that MBIA insured. “It is not clear whether MBIA could have discovered the alleged misrepresentations concerning the loan characteristics before entering into the insurance agreements,” Judge Bernard Fried wrote in his 15-page decision.
0 minute readNY judge rules MBIA couldn’t tell if GMAC misrepresented MBS
December 21, 2010, 3:43pm
Christine was a reporter with HousingWire through August 2011.see full bio
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Christine was a reporter with HousingWire through August 2011.see full bio