In a case born out of the mortgage crisis, one of the country’s largest home lenders is trying to force its mortgage insurer to pay up on claims in at least 1,400 loans. Lawyers for Countrywide Home Loans want the suit in San Francisco Superior Court, but Mortgage Guaranty Insurance Corp., which wants to go to arbitration, is battling to keep the case in federal court. The suit has ping-ponged between both venues already. The stakes are sizable: Countrywide has said, in the course of opposing arbitration, that it is seeking damages of at least $150mn, according to an SEC report by MGIC this week. Originally filed in San Francisco Superior Court in December, Countrywide’s complaint alleges that MGIC has “adopted unreasonable interpretations of its mortgage insurance policy language to justify its failure to pay claims.”
Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio
Most Popular Articles
Latest Articles
Test
The story for the housing market over the past three years has been, “Home sales are down, home prices are up.” Because inventory was so restricted after the pandemic, prices pushed higher even as demand weakened. That story may finally be inverting as unsold inventory of homes is now great enough that home prices are […]
-
Freddie Mac’s Donna Spencer on their Servicing Excellence initiative
-
Lower mortgage rates attracting more homebuyers
-
Rocket Pro TPO raises conforming loan limit to $802,650 ahead of FHFA’s decision
-
Show up, don’t show off: Laura O’Connor is redefining success in real estate
-
Between the lines: Understanding the nuances of the NAR settlement
Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio