bofa twoBank of America must face Ambac lawsuit over mortgage securities

 

This is a reuters.com article.

 

A lawsuit against Bank of America Corp alleging the bank’s Countrywide mortgage unit fraudulently induced an insurer to cover more than $25 billion of mortgage-backed securities can proceed, a New York judge has ruled.

In a decision made public Tuesday, Manhattan Supreme Court Justice Eileen Bransten denied a summary judgment motion seeking to dismiss the case by Countrywide and Bank of America against plaintiff Ambac Assurance Corp.

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