Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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Looks like AMBAC complaint is focused on origination fraud and not notorious EMC mortgage servicing fraud....amazing considering recent FTC/EMC settlement:  http://www.ftc.gov/opa/2008/09/emc.shtm 

NY lawsuit: Bear Stearns built a 'house of cards'

Ambac sues ex-Bear Stearns unit
Ambac To Sue Bear Stearns Subsidiary Over Bad Home Loans

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