Index No. 602825/2008
two motions do not overlap significantly. Accordingly, each motion for summary judgment will be considered in turn below. In addition, the Court will consider twomotions to strike, motion sequences 56 and 71, which are relevant to the summary
For the reasons that follow, both motions for summary judgment are granted in
part and denied in part. Both motions to strike are denied.
The facts of this matter have been discussed extensively in previous decisions of this court. Thus, only details necessary to this motion are referenced herein.
This action stems from MBIA's agreement to provide financial guaranty insurancefor fifteen securitizations,
involving 389,544 residential mortgage loans, virtually all of which were either home equity lines of credit ("HELOCs") or loans known as closed-end
Countrywide's Rule 19-a Statement in Support of its Motion for
The securitizations at issue in this litigation ("Securitizations") are CWABS 2004-I,
CWABS 2004-P, CWHEQ 2005-A, CWHEQ 2005-E, CWHEQ 2005-I, CWHEQ 2005-M,
CWHEQ 2006-E, CWHEQ 2006-G, CWHEQ 2007-E, CWHEQ 2006-88, CWHEQ 2006-89,CWHEQ 2006-10, CWHEQ 2007-Sl, CWHEQ 2007-82, and CWHEQ 2007-83.
"A HELOC is a second lien on a residential property. The borrower's equity in the
property (i.e., the value of the property that is not used as collateral for the first lien)
collateralizes a specified line of credit that may be drawn down by the borrower. ACES Is also
collateralized by the borrower's equity, but the loan is of a fixed amount." (Countrywide 19-aStatement 4.)