NU Online News Service, Jan. 5, 3:25 p.m. EST

Bond-insurer MBIA Insurance Corp. won a significant victory in New York Supreme Court against Countrywide Home Loans when a judge ruled that MBIA only needs to show misrepresentation by Countrywide, rather than directly linking those misrepresentations to financial securitization losses.

On Tuesday, Judge Eileen Bransten ruled that MBIA can pursue its suit against Countrywide that claims the mortgage company misrepresented information in its application for insurance.

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