BofA Again Fails To Combine Insurers' MBS Claims

Law360, New York (April 6, 2012, 4:50 PM EDT) -- A New York state appeals court refused Thursday to spin off four bond insurers' claims over mortgage-backed securities they backed against Countrywide Home Loans Inc. from its parent Bank of America Corp., dealing the bank another defeat in the sprawling litigation.

Monoline insurers Ambac Assurance Corp., Financial Guaranty Insurance Co., MBIA Inc. and Syncora Guarantee Inc. have alleged that they've lost billions of dollars insuring the bank's mortgage-backed securities. Although Bank of America, which gobbled up mortgage lender Countrywide 2008, said that successor claims against Bank...
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