LETTER: MBIA tells judge of newly uncovered Countrywide fraud "FACTS" database

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LETTER: MBIA tells judge of newly uncovered Countrywide fraud “FACTS” database

LETTER: MBIA tells judge of newly uncovered Countrywide fraud “FACTS” database

Alison Frankel-

I sure hope the Securities and Exchange Commission and other members of the new joint mortgage-backed securities task force are paying attention to the docket in MBIA’s New York State Supreme Court fraud and breach-of-contract suit against Countrywide. On Wednesday, MBIA’s lawyers at Quinn Emanuel Urquhart & Sullivan sent a letter to Justice Eileen Bransten requesting that she order Countrywide to produce discovery on an internal fraud-tracking database “which MBIA had not previously known to exist.” MBIA said it needs the discovery to prepare for upcoming depositions of former Countrywide employees who tried to expose its allegedly fraudulent mortgage underwriting practices, including the well-known whistleblowers Eileen Foster and Mari Eisenman.

[REUTERS LEGAL]

[ipaper docId=81876930 access_key=key-1x9iscls2av3gu2fie2u height=600 width=600 /]

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