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.