Countrywide's Discovery Push Delays Cases, Insurers Say

Law360, New York (March 15, 2012, 7:03 PM EDT) -- Monoline insurers MBIA Inc. and Syncora Guarantee Inc. told a New York state judge Thursday that a Bank of America Corp. unit's eleventh-hour push for expanded discovery would needlessly delay the case over billions of dollars in securitized mortgage losses.

Countrywide Home Loans Inc. has asked the court to allow it to collect documents from other mortgage-backed securities issuers whose securities MBIA and Syncora also insured. But the insurers argued Thursday that it was too late in the discovery process for such a dramatic increase in...
To view the full article, register now.