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Summary Judgement Motion Decision by Bransten on Primary Liability

Summary Judgement Motion Decision by Bransten on Primary Liability

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Published by Chris Herzeca
Summary Judgement Motion Decision by Justice Bransten on CountryWide's Primary Liability
Summary Judgement Motion Decision by Justice Bransten on CountryWide's Primary Liability

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Published by: Chris Herzeca on Apr 30, 2013
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[FILED:
 NEW YORK COUNTY CLERK 
04/29/2013]
 
NYSCEF DOC. NO. 4093
 
INDEX NO. 602825 2008
 
RECEIVED NYSCEF: 04/29/2013
 
SUPREME COURT OF THE STATE OF NEW YORK- NEW YORK COUNTY
 
PRESENT: HON. EILEEN BRANSTEN, JUSTICE PART 3
----------------------------------·--·-------------------------------------)(
 
MBIA INSURANCE CORPORATION,
Plaintiff,
 -against-Index No.:
602825/08
Motion Date:
12/14/12
w
 
i!:
 
a::
 
0
 
u.
COUNTRYWIDE HOME LOANS, INC.,COUNTRYWIDE SECURITIES CORP.,
 
COUNTRYWIDE FINANCIAL CORP.,
 
COUNTRYWIDE HOME LOANSSERVICING, LP AND BANK OF AMERICA
 
CORP.,
Motion Seq. No.:
057
 
Defendants.
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on for summary judgment.
 Papers NumberedNotice of Motion/Order to Show Cause - Affidavits - Exhibits
1 
 Answering Affidavits - Exhibits
2
 
Replying Affidavits
3
 
Cross-Motion:
0
Yes X No
 
Upon the foregoing papers, this motion is decided in accordance with
 
the accompanying memorandum decision.
 
Dated:
 April2
2013
C<_', .o=- .
 
Hon. Eileen Bran'sten
·
 
Check One:
0
FINAL DISPOSITION
X NON-FINAL DISPOSITION
 
Check If appropriate:
0
DO NOT POST
0
REFERENCE
0 SETILE/SUBMITORDERIJUDG.
 
SUPREME COURT OF THE STATE OF NEW YORK 
 
COUNTY OF NEW YORK: lAS PART 3
----------------------------------------------------------------x
 
MBIA INSURANCE CORPORATION,Plaintiff,-against-Index No.: 602825/08 Motion Seq. Nos.: 56, 57,58, 71COUNTRYWIDE HOME LOANS, INC.,COUNTRYWIDE SECURITIES CORP.,COUNTRYWIDE FINANCIAL CORP.,COUNTRYWIDE HOME LOANSSERVICING, LP and BANK OF AMERICACORP.,Defendants.
----------------------------------------------------------------x
 
I.
Overview
 This matter comes before the Court on the motions for summary judgment filed by
 
PlaintiffMBIA Insurance Corp. ("MBIA") and defendants Countrywide Home Loans,Inc. ("CHL"), Countrywide Securities Corporation ("CSC"), Countrywide FinancialCorporation ("CFC") and CountryWide Home Loans Servicing, LP ("CHLS" and withCHL, CSC and CFC, "Countrywide"). In motion sequence no. 57, Countrywide seekssummary judgment on all of the remaining counts in MBIA's complaint: fraudulentinducement (count one); breach ofthe insurance agreements (count three); breach of Countrywide's contractual servicing obligations (count four); indemnification (count six);and, punitive damages (prayer for relief). MBIA confines its summary judgment motion(motion sequence no. 58) to a single claim- breach of the insurance agreements. The
 
 MBIA
v.
Countrywide
Index No. 602825/2008
 
Page 2
 
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
 
 judgment motions.
 
For the reasons that follow, both motions for summary judgment are granted in
 
 part and denied in part. Both motions to strike are denied.
 
II.
 
Back :round
 
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,
1
involving 389,544 residential mortgage loans, virtually all of which were either home equity lines of credit ("HELOCs") or loans known as closed-end
 
seconds ("CES").
2
See
Countrywide's Rule 19-a Statement in Support of its Motion for 
 
1
 
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.
2
 
"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.)
 

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