GreenPoint Mortgage Sued For Fraud By CIFG

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On October 1, CIFG Assurance North America filed a summons with notice against GreenPoint Mortgage Funding Inc. in the Supreme Court for the State of New York, New York County. The monoline insurer alleges that GreenPoint misrepresented the quality and characteristics of $58 million in residential mortgage loans in the pool backing $277 million in RMBS partially insured by CIFG. CIFG further alleges that GreenPoint has failed to comply with its contractual obligations to repurchase the allegedly defective loans. The insurer’s claims are for fraud, breach of contract, and specific performance. Summons with Notice.

Published In: Business Torts Updates, Civil Remedies Updates, General Business Updates, Finance & Banking Updates, Insurance Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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