BofA Has Vowed To Pay Countrywide's Bills, MBIA Says

Law360, New York (January 10, 2013, 3:45 PM EST) -- MBIA Inc.'s attorneys told a New York state judge Thursday that Bank of America Corp. must pay for the wrongdoing of its now-subsidiary Countrywide Financial Corp., including hiding problems with mortgage-backed securities that MBIA insured, arguing that the bank's executives have repeatedly vowed to "clean up" Countrywide.

MBIA's Peter E. Calamari of Quinn Emanuel Urquhart & Sullivan LLP said during a hearing that Bank of America has repeatedly stated its intent to pay Countrywide's debts since even before it swallowed up the struggling mortgage provider in...
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