$16.7 billionABKFQ With recent developments of MBIA court decision vs Countrywide
Plaintiffs are entitled to redress AMBAC EXPECTED resubmit it's case to the Courts vs Countrywide: sued Bank of America Corp. over $16.7 billion
Plaintiffs are entitled to redress for Countrywide’s massive fraud and pervasive and material breaches, including damages sufficient to place Ambac in the same position it would have been in had it never insured the Transactions - page 8 Item 15.http://www.ambac.com/pdfs/documentDisplayServlet.pdf
MBIA WINS COURT DECISION VS COUNTRYWIDE By Jonathan Stempel January 3, 2012 8:49 PM EST
A New York state judge made it easier for the bond insurer MBIA Inc to pursue its $1.4 billion lawsuit accusing Bank of America Corp's Countrywide Financial unit of fraudulently inducing it to insure risky mortgage-backed securities.
New York State Supreme Court Justice Eileen Bransten ruled on Tuesday that to show fraud, MBIA need only show Countrywide misled it about the $20 billion of securities it insured, not that the misrepresentations caused its losses.
Ambac Assurance Corp. sued Bank of America Corp. over $16.7 billion of mortgage-backed securities, saying the bank’s Countrywide Financial Corp. unit fraudulently induced Ambac to insure bonds backed by improperly made loans.