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MBIA INS CORP v. COUNTRYWIDE

Nos. 4636, 4636A.

87 A.D.3d 287 (2011)

928 N.Y.S.2d 229

2011 NY Slip Op 5640

MBIA INSURANCE CORPORATION, Respondent-Appellant, v. COUNTRYWIDE HOME LOANS, INC., et al., Appellants-Respondents, et al., Defendant.

Appellate Division of the Supreme Court of New York, First Department.

Decided June 30, 2011.

Attorney(s) appearing for the Case

Goodwin Procter LLP, New York City ( Mark Holland , Christopher J. Garvey , Abigail K. Hemani , Ashley H. Gray , Paul F. Ware, Jr. , and Sarah Heaton Concannon of counsel), for appellants-respondents.

Quinn Emanuel Urquhart & Sullivan LLP, New York City ( Philippe Z. Selendy , Peter E. Calamari , Sanford I. Weisburst , Manisha M. Sheth and Eve S. Moskowitz of counsel), for respondent-appellant.

MAZZARELLI, J.P., SAXE, RENWICK and DEGRASSE, JJ., concur.

OPINION OF THE COURT

RICHTER, J.

Plaintiff MBIA Insurance Corporation (MBIA) is in the business of providing financial guarantee insurance and other forms of credit protection on financial obligations. Defendant Countrywide Financial Corporation (Countrywide Financial), itself or through its subsidiaries, is engaged in mortgage lending and other real estate finance related businesses, including mortgage banking, securities dealing and insurance underwriting...

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