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Ambac files $856 million RMBS insurance suit against Bank of America and Merrill Lynch

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • April 23 2012

On April 16, 2012, bankrupt insurer Ambac Financial Group filed suit against Bank of America as successor to Merrill Lynch, Merrill Lynch, and certain of its affiliates, in New York County Supreme Court

Securitisation products for insurers under Solvency II

  • Freshfields Bruckhaus Deringer LLP
  • -
  • European Union
  • -
  • February 21 2011

The banking rules on investments in securitised loans Inappropriate investment by banks in sub-prime mortgages has been identified as one of the factors in the recent financial crisis

Assured and UBS agree to settle RMBS litigation for $358 million

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • May 13 2013

On May 6, monoline insurer Assured Guaranty Ltd. announced a $358 million settlement with UBS and its affiliates stemming from losses on residential

Insurer prevails on fraud claim in mortgage securitization action against Countrywide

  • Chadbourne & Parke LLP
  • -
  • USA
  • -
  • March 1 2012

A New York trial court recently granted partial summary judgment in favor of MBIA Insurance Corporation (“MBIA”) on fraud and breach of warranty claims it had brought against Countrywide Home Loans, Inc. and various affiliates (collectively, “Countrywide”) concerning certain financial guaranty insurance policies that MBIA had issued in connection with residential mortgage-backed securitizations originated by Countrywide

House Financial Services Committee holds hearing on life settlement securitization

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • October 2 2009

On September 24, the House Financial Services Committee’s Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises held a hearing entitled, "Recent Innovations in Securitization," which explored issues relating to securitization generally, and specifically the securitization of life insurance settlements

NAIC releases RFP to produce designations for commercial mortgage-backed securities

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • August 2 2010

The NAIC is seeking proposals for a vendor to model expected losses on approximately 7,500 commercial mortgage-backed securities (CMBS) as of December 31, 2010, according to a news release issued by the NAIC July 28, 2010

AFME and others respond on PRIPs

  • Dentons
  • -
  • European Union
  • -
  • February 11 2011

The Joint Associations Committee (JAC) on retail products of AFME, ICMA, FOA and ISDA has responded to the Commission's papers on PRIPs, the MiFID Review and the Insurance Mediation Directive (IMD) Review

JPMorgan sues FDIC in third-party suit

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • August 1 2011

On July 25, 2011, JPMorgan Bank filed a third-party complaint against the FDIC in the Southern District of Ohio, claiming the FDIC indemnified JPMorgan when it agreed to buy assets from Washington Mutual, which went bankrupt in 2008

Assured Guaranty and Deutsche Bank settle RMBS claims for $165.6 million

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • May 21 2012

On May 10, 2012, Assured Guaranty announced that it had reached a $165.6 million settlement with Deutsche Bank resolving claims related to RMBS transactions issued, underwritten or sponsored by Deutsche Bank that were insured by Assured Guaranty under financial guaranty insurance policies

Federal court rules that insurer may prevail on its representation and warranty claims without proving that the breaches caused loans to default

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • October 1 2012

On September 25, Judge Jed S. Rakoff of the Southern District of New York issued a written opinion denying summary judgment in Assured Guaranty Municipal Corp.’s contract dispute with Flagstar Bank FSB over its insurance policies on nearly $1 billion in mortgage-backed securities backed by home equity loans

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