CIFG's MBS Claims Not Specific To Insured Loans, BofA Says

Law360, New York (April 25, 2013, 6:01 PM EDT) -- A Bank of America NA attorney told a New York state judge Thursday that monoline insurer CIFG Assurance North America Inc. was relying on generic allegations about the housing market's collapse to blame the bank for its losses instead of zeroing in on the mortgage-backed securities it actually insured.

The bank's Christopher P. Malloy of Skadden Arps Slate Meagher & Flom LLP told Judge Charles E. Ramos during a hearing that CIFG, which is now in runoff, had simply recycled generalized allegations about the collapse of...
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