CFIG Assurance North America sued GreenPoint Mortgage Funding alleging that the defunct company provided inaccurate information and made material omissions pertaining to the loans it originated, Bloomberg Businessweek reported Oct. 2.

CFIG accused GreenPoint of fraud and breach of contract tied to a February 2007 transaction that resulted in the sale of $277 million in mortgage pass-through certificates, one class of which was insured by CFIG, according to an Oct. 1 filing in New York State Supreme Court in Manhattan, Bloomberg Businessweek reported.

GreenPoint originated approximately $58 million in residential mortgage loans in conjunction with the securitizations that were sold to a trust as part of an agreement with a Goldman Sachs unit, Bloomberg Businessweek reported.

“GreenPoint provided false information and made material omissions about, among other things, the quality and characteristics of the loans that it originated and sold to be securitized,” CFIG said in the court filing, Bloomberg Businessweek reported. “CFIG is seeking unspecified damages and a declaration that GreenPoint is compelled to repurchase faulty loans sold to the trust.

Capital One Financial Corp. closed the Novato, Calif.-based GreenPoint in August 2007, less than a year after purchasing its parent company, Long Island, N.Y.-based North Fork Bancorp.

Julie Rakes, a spokeswoman for the McLean, Va.-based Capital One had no comment on the suit, Bloomberg Businessweek reported.

CFIG repeatedly has tried to sue GreenPoint over allegedly bad mortgage loans. In 2009, CFIG sued GreenPoint in New York State Supreme Court in Manhattan, accusing the company of violating its mortgage underwriting guidelines but that suit was rejected in 2010. In February a motion by CFIG and bond insurer Syncora Guarantee to put forth new claims against GreenPoint in a lawsuit over the quality of $1.8 billion of home loans they guaranteed also was denied.

CFIG also asked a judge in April to allow it to add GreenPoint to a suit filed against Goldman Sachs in August 2011, alleging that the New York-based investment bank made misrepresentations tied to $275 million in mortgage-backed securities.

Goldman Sachs had requested that the court deny that suit, claiming CIFG was made aware of the risks connected to the investments, failed to conduct its own due diligence and hadn’t solicited “clear contractual remedies” that would enable it to seek the repurchase of specific loans.

In May, Goldman Sachs’s motion to dismiss three counts in that suit, including one for fraudulent inducement, was granted; however, three additional claims for breach of contract were not dismissed.

CIFG and Goldman Sachs have both appealed the rulings. In July, the two parties were directed to engage in mediation, which is to take place Oct. 26, Bloomberg Businessweek reported.

The case filed Oct. 1 is CIFG Assurance North America Inc. v. GreenPoint Mortgage Funding Inc., 653449/2012, New York State Supreme Court, New York County (Manhattan).