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AMBAC ASSURANCE CORPORATION v. COUNTRYWIDE HOME LOANS INC.

9461N, 651612/10.

179 A.D.3d 518 (2020)

118 N.Y.S.3d 13

2020 NY Slip Op 00367

Ambac Assurance Corporation et al., Respondents, v. Countrywide Home Loans Inc. et al., Appellants.

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

Decided January 16, 2020.

The court correctly denied Countrywide's motion seeking dismissal of the fraudulent inducement claim. As relevant here, Ambac, the monoline insurer, asserts causes of action against Countrywide for: (a) breaching various representations and warranties about their loan-origination practices and the quality of the loans in the securitizations; and (b) fraudulently inducing Ambac to insure the securitizations by making precontractual misrepresentations and omissions. In a prior...

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