Bank of America sued by Ambac over Countrywide mortgage bonds

Bank of America sued by Ambac over Countrywide mortgage bondsBank of America sued by Ambac over Countrywide mortgage bonds NEW YORK, Jan 1 – Ambac Assurance Corp sued Bank of America Corp to recoup hundreds of millions of dollars of losses from insuring roughly US$1.68 billion (RM5.87 billion) of securities backed at least in part by risky mortgages from the bank’s Countrywide Home Loans unit.

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