MBIA Ignored Risks Of $22B In MBS, Countrywide Atty Says

Law360, New York (December 13, 2012, 6:02 PM EST) -- Bond insurer MBIA Inc. can't claim it was hoodwinked into insuring Bank of America Corp.'s Countrywide Financial Corp. mortgage-backed securities when it didn't even bother to look at the loans themselves, a Countrywide attorney told a New York state judge Thursday.

Mark Holland of Goodwin Procter LLP, who represents Countrywide, told Judge Eileen Bransten that if MBIA had taken the time to review the nearly 400,000 loan files worth $22 billion in the securities, it would have easily found the so-called "defects" that MBIA said the...
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