BofA Sues MGIC Over Rescissions

Mortgage Guaranty Insurance Corp. (MGIC) disclosed in a Securities and Exchange Commission (SEC) filing last week that Bank of America was suing the insurer, claiming MGIC ‘has denied, and continues to deny, valid mortgage insurance claims.’

The complaint, filed in the California Superior Court in San Francisco, seeks declaratory relief regarding the proper interpretation of flow insurance policies at issue.

MGIC says it intends to defend vigorously against the allegations.

SOURCE: Securities & Exchange Commission

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