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Court denies Radian's motions related to Ocwen lawsuit

The U.S. District Court for the Eastern District of Pennsylvania on July 27 denied Radian Guaranty Inc.'s motion to enjoin Ocwen Loan Servicing LLC's parallel arbitration against it, according to a quarterly regulatory filing made Aug. 8.

On July 20, the court had denied Radian's motion to dismiss Ocwen's amended complaint, related to the Dec. 22, 2016, lawsuit it brought against Radian.

The lawsuit, which was filed by Ocwen and Homeward Residential Inc., accused Radian of breach of contract regarding certain claims handling practices on future insurance claims.

On June 30, Radian Guaranty had filed with the court new motions to dismiss Ocwen's amended complaint and to enjoin Ocwen's parallel arbitration, which were later denied.

Radian Guaranty has vowed to defend itself as it believes the claims in the amended complaint and an amended petition to be without merit and legally deficient. The company said in the filing it is unable to estimate a range of potential losses in the matter because of the preliminary stage of the proceedings.