Countrywide Fights Lower Fraud Bar In Insurer Suits

Law360, New York (January 27, 2012, 3:33 PM EST) -- Bank of America Corp.'s Countrywide Financial Corp. on Wednesday appealed a New York state judge's decision limiting what monoline insurers must show to put Countrywide on the hook for billions of dollars in losses from securitized mortgages they insured.

MBIA and other monoline insurers, including Syncora Guarantee Inc., have alleged that Countrywide induced them to insure mortgage-backed securities by making the loans in those securities seem more creditworthy than they actually were. Since those loans began to default en masse in 2007 and 2008, they've been...
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