Countrywide MBS Breaches 'Incontestable,' MBIA Atty Says

Law360, New York (December 12, 2012, 7:21 PM EST) -- More than half of the loans in Bank of America Corp.'s Countrywide Financial Corp. mortgage-backed securities that MBIA Inc. insured were defective by Countrywide's own standards, the bond insurer's attorney told a New York state judge during a hearing Wednesday in the $3 billion lawsuit

Philippe Z. Selendy of Quinn Emanuel Urquhart & Sullivan LLP, who represents MBIA, told Judge Eileen Bransten during the hearing that about 56 percent of the loans in the Countrywide securities insured by MBIA had problems and misrepresentations so egregious that...
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