Ambac sues Bank of America over Countrywide mortgage bonds

Categorized | STOP FORECLOSURE FRAUD

Ambac sues Bank of America over Countrywide mortgage bonds

Ambac sues Bank of America over Countrywide mortgage bonds

Perfect way to start off the New Year!


Reuters-

Ambac Assurance Corp sued Bank of America Corp to recoup hundreds of millions of dollars of losses from insuring roughly $1.68 billion of securities backed at least in part by risky mortgages from the bank’s Countrywide Home Loans unit.

In a complaint filed on Tuesday in a New York state court in Manhattan, Ambac accused Countrywide of lying about how well it underwrote so-called “pay option adjustable-rate mortgage negative amortization” loans that backed the securities.

The securities were issued in eight transactions between 2005 and 2007, Ambac said.

[REUTERS]

Image Credit: Reuters/Mike Blake

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Comments

comments

This post was written by:

- who has written 8571 posts on FORECLOSURE FRAUD | by DinSFLA.

CONTROL FRAUD | ‘If you don’t look; you don’t find, Wherever you look; you will find’ -William Black

Contact the author

One Response to “Ambac sues Bank of America over Countrywide mortgage bonds”

  1. It would appear that there is a domino effect going on with Bank of America and Counttrywide and counter parties to mortgage and foreclosure fraud…hope springs eternal that relief trickles down to the real victims – the homeowners..

Trackbacks/Pingbacks


Leave a Reply

GARY DUBIN LAW OFFICES FORECLOSURE DEFENSE HAWAII and CALIFORNIA
Advertise your business on StopForeclosureFraud.com
Kenneth Eric Trent, www.ForeclosureDestroyer.com

Archives