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FDIC, national underwriter dispute negligent underwriting in CPL row
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Court Report
Monday, June 15, 2015
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After discovering that Washington Mutual was defrauded by a scheme in Michigan, the Federal Deposit Insurance Corp. made a claim with the title insurer of 24 fraudulent transactions, arguing that it is responsible under the closing protection letter for the conduct of its agent who took part in the scheme. The title insurer countered that the CPLs didn’t cover negligent underwriting. Read on for the court’s decision.
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