On January 3, 2012, Justice Eileen Bransten of the Supreme Court of the State of New York granted partial summary judgment to two insurers suing Countrywide Financial Corporation concerning the insurance of securitizations of mortgages underwritten by Countrywide.  In the two cases, the insurers, MBIA and Syncora Guarantee, have brought claims for fraud and breach of the insurance agreements at issue.  The Court found that to establish a claim of fraud the insurers must show that representations by Countrywide induced the insurers to issue insurance policies on terms to which they otherwise would not have agreed and that they are not required to establish a direct causal link between Countrywide's misrepresentations and the insurers' claims payments made pursuant to the insurers' policies at issue.  The Court further held that the insurers may seek rescissory damages upon proving all elements of its claims for fraud and breach of representation and/or warranty.  MBIA Decision.  Syncora Decision.