Ambac Lawyers Inspect Mortgage Documents in ‘Hazardous’ Garage
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Ambac Financial Group Inc., battling mortgage companies over what it says were improperly underwritten home loans, told a judge its lawyers are being forced to review loan documents in a partially lit underground parking area under falling debris that may contain asbestos.
Ambac lawyers have spent as much as 10 hours a day going through boxes of files stored by American Home Mortgage Investment Corp. in a locked storage area or “cage” in the basement of a windowless, underground parking garage, according to a July 30 letter from Carrie Syme, an outside attorney for Ambac at Patterson Belknap Webb & Tyler LLP in New York, to U.S. District Judge Nicholas Garaufis in Brooklyn, New York.