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Published by mattpauls

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Published by: mattpauls on Sep 21, 2012
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SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF NEW YORK
MBIA INSURANCE CORPORATION,
Plaintiff,-against-
COUNTRYWIDE HOME LOANS, INC.,COUNTRYWIDE SECURITIES CORP.,COUNTRYWIDE FINANCIAL CORP.,COUNTRYWIDE HOME LOANSSERVICING, L.P., and BANK OFAMERICA CORP.
Defendants.Index No. 08/602825IAS Part: 3 (Bransten, J.)
AFFIRMATION OF EMERGENCY
MANISHA M. SHETH, an attorney admitted to practice before the Courts of this State,hereby affirms under penalty of perjury as follows:I am a partner with the law firm of Quinn Emanuel Urquhart & Sullivan, LLP,counsel for Plaintiff MBIA Insurance Corporation ("MBIA") in the above-captioned action.summary judgment, pursuant to CPLR 3212: (i) that the test of materiality for breach of theobligation to repurchase defective loans requires a showing of a material and adverse impact on
MBIA's interests, not a showing that the defective loans defaulted or became delinquent; (ii) thatDefendant Countrywide Home Loans, Inc. ("CHL") breached representations and warrantieswith respect to at least 56.0% of the loans in the 15 securitizations of residential mortgages (the"Securitizations") at issue in this action and that such breaches had a material and adverse impacton MBIA's interests in the affected mortgage loan; (iii) that CHL further repudiated itscontractual obligations to repurchase defective loans in complete and utter frustration of the
FILED: NEW YORK COUNTY CLERK 09/20/2012
INDEX NO. 602825/2008NYSCEF DOC. NO. 1978RECEIVED NYSCEF: 09/20/2012

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