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AMBAC ASSUR. v. COUNTRYWIDE

651612/10.

151 A.D.3d 83 (2017)

2017 NY Slip Op 03919

56 N.Y.S.3d 21

AMBAC ASSURANCE CORPORATION et al., Appellants-Respondents, v. COUNTRYWIDE HOME LOANS, INC., et al., Respondents-Appellants, et al., Defendant.

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

Decided May 16, 2017.

Attorney(s) appearing for the Case

Patterson Belknap Webb & Tyler LLP, New York City ( Peter W. Tomlinson , Harry Sandick and Robert P. LoBue of counsel), for appellants-respondents.

Simpson Thacher & Bartlett LLP, New York City ( Joseph M. McLaughlin , Shannon K. McGovern and David J. Woll of counsel), and Goodwin Procter LLP, New York City ( Brian D. Hail of counsel), for respondents-appellants.

Orrick, Herrington & Sutcliffe LLP, New York City ( Richard A. Jacobsen of counsel), for the Securities Industry and Financial Markets Association, amicus curiae.

Axinn Veltorp & Harkrider LLP, New York City ( Donald W. Hawthorne of counsel), for the Association of Financial Guaranty Insurers, amicus curiae.

MANZANET-DANIELS, GISCHE, WEBBER and KAHN, JJ., concur.

OPINION OF THE COURT

In this action, Ambac, a financial guaranty insurer, seeks to hold Countrywide liable in connection with 17 residential mortgage-backed securitizations sponsored by Countrywide.1 Upon Countrywide's application, Ambac issued unconditional and irrevocable insurance policies...

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