In MBIA Insurance Corporation v. Countrywide Home Loans, Inc. (34 Misc 3d 895 [Sup Ct, NY County 2012], modified on other grounds, 105 AD3d 412 [1st Dept 2013]) the defendant originator/securitizer (originator) sought insurance from the plaintiff insurer to cover any shortfall in the event the payments received from the mortgage loans were insufficient to cover the payments due to the investors under the securities. The plaintiff insurer issued a financial guaranty policy to the trusts. The court held that, for the purposes of Insurance Law 3105 and 3106, the defendant originator acted as an "applicant" or "broker" for the securitization trusts. (Id. at 904-905.) Having thus found a direct relationship between the insurer and the originator, the court held the insurer could state fraud claims against the originator, as "informed" by the common law and Insurance Law 3105 and 3106, based on the misrepresentations allegedly made by the originator regarding the mortgage loans in order to induce the insurer to insure the securitizations. (Id. at 905.) The Appellate Division affirmed this portion of the decision, holding that "the motion court was not required to ignore the insurer/insured nature of the relationship between the parties to the contract in favor of an across the board application of common law." (105 AD3d at 412.)