Countrywide Can't Blame MBS Loss On Crash: MBIA

Law360, New York (March 8, 2011, 8:23 PM EST) -- Bank of America Corp.'s Countrywide subsidiaries cannot pin their mortgage-backed securities' failure on the housing market crash because Countrywide was its single biggest cause, an MBIA Insurance Corp. attorney argued Tuesday in the appeal of a $1.4 billion insurance suit in New York.

"More than any other entity, Countrywide participated in causing the crisis," an attorney for the bond insurer, Phillippe Z. Selendy of Quinn Emanuel Urquhart & Sullivan LLP, told a five-judge panel of the Supreme Court of the State of New York, Appellate Division,...
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