n the continuing fight between MBIA and a bank group that has dwindled to two members, it appears that, due to another court decision, MBIA is ahead on points; however, some believe the insurer is running out of gas. On April 2, 2013, the New York Appellate Division, First Department, affirmed the trial court's decision holding that an underlying loan does not need to be in default to trigger the policyholder's repurchase obligation to MBIA if the insurer can prove that inaccurate information provided by the policyholder materially and adversely affected the insurer's interest.
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