BofA Looks To Nix $600M Ambac Suit Over Countrywide RMBS

By Ben Conarck (February 27, 2015, 4:47 PM EST) -- Bank of America Corp. has moved to dismiss a $600 million lawsuit brought by bond insurer Ambac Assurance Corp. in New York state court over allegedly faulty residential mortgage-backed securities issued by Countrywide Financial Corp., slamming the suit as a "sophisticated monoline insurer's hindsight effort to shift blame for its own recklessness."

Bank of America says the suit, which seeks to recover $600 million paid or expected to be paid by Ambac on RMBS backed at the height of the mortgage bubble between 2005 and 2007, must be dismissed as the insurer has failed to plead justifiable reliance given that it had access...

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