BofA Has Vowed To Pay Countrywide's Bills, MBIA Says

Law360, New York (January 10, 2013, 3:45 PM EST) -- MBIA Inc.'s attorneys told a New York state judge Thursday that Bank of America Corp. must pay for the wrongdoing of its now-subsidiary Countrywide Financial Corp., including hiding problems with mortgage-backed securities that MBIA insured, arguing that the bank's executives have repeatedly vowed to "clean up" Countrywide.

MBIA's Peter E. Calamari of Quinn Emanuel Urquhart & Sullivan LLP said during a hearing that Bank of America has repeatedly stated its intent to pay Countrywide's debts since even before it swallowed up the struggling mortgage provider in...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.