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First Sealord, a bond and surety insurance company based in Villanova, Pa., has been placed in receivership.

First Sealord, a bond and surety insurance company based in Villanova, Pa., has been placed in receivership.

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.

Radian Group Inc. and the National League of Cities say they are exploring the formation of a new public-finance mutual bond insurance company.

The New York Court of Appeals ruled that a group of banks can go ahead with their lawsuit against MBIA, which questions the validity of the break-up of the insurer.

Justices for the Court of Appeals for the State of New York peppered attorneys with questions for close to 45 minutes during a hearing on whether a group of banks can go ahead with a lawsuit against bond-insurer MBIA.

Two bond insurers reported first-quarter losses, with one of the companies, Ambac Financial Group, saying that it may have to liquidate pursuant to Chapter 7 if its reorganization plans are not successful.

A group of banks contesting the split of bond-insurer MBIA into two companies won a round in court against the New York State Insurance Department over the release of e-mails related to the plan.