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AMBAC ASSUR. CORP. v. COUNTRYWIDE HOME LOANS, INC.

Index No. 652321/15. Appeal No. 15242-15242A. Case Nos. 2021-00078, 2021-00386.

202 A.D.3d 462 (2022)

2022 NY Slip Op 00805

Ambac Assurance Corporation, Appellant, et al., Plaintiff, v. Countrywide Home Loans, Inc., Respondent.

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

Decided February 8, 2022.

Attorney(s) appearing for the Case

Patterson Belknap Webb & Tyler LLP, New York (Diana M. Conner of counsel), for appellant.

Simpson Thacher & Bartlett LLP, New York (Rachel S. Sparks Bradley of counsel), for respondent.

Concur—Renwick, J.P., Mazzarelli, Friedman, Singh, Pitt, JJ.

This action for fraudulent inducement, commenced in July 2015, involves five policies issued by plaintiff Ambac Assurance Corporation in 2005 to insure residential mortgage-backed securities (RMBS) transactions that securitized "pools" of "negative amortization" mortgage loans originated by defendant Countrywide Home Loans, Inc. Ambac contends that, as of October 31, 2014, it had paid, accrued, or expected to pay more than $350...

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