Bloomberg-
Bank of America Corp., the second- biggest U.S. lender, is set to begin an effort today to defeat bond insurer MBIA Inc. (MBI)’s bid to force the bank to pay billions of dollars over home loans.
Bank of America’s Countrywide Financial unit and MBIA, which have been locked in litigation since 2008, are scheduled to square off in New York State Supreme Court. The companies will seek judgments on claims in MBIA’s lawsuit over loans packaged into securities during the real estate boom.
The case is among mortgage lawsuits Charlotte, North Carolina-based Bank of America is contending with four years after acquiring Countrywide, the home lender whose lax lending standards helped fuel the housing bubble. Chief Executive Officer Brian T. Moynihan has spent more than $40 billion to clean up defective mortgages and improper foreclosures.
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