Bank of America Corp. (BAC) and its Countrywide Financial Corp. unit must face a fraud claim brought by bond insurer MBIA Insurance Corp., an appeals court ruled. The New York court today upheld an April 2010 trial-court denial of Countrywide’s motion to dismiss the claim against it in the 2008 suit. MBIA alleges that Countrywide fraudulently obtained insurance on billions of dollars of mortgage-backed securities.
Countrywide must still face MBIA fraud claim, New York appeals court rules
Most Popular Articles
Latest Articles
Two charts that explain why Texas housing markets have stalled
Relatively cheap housing, low taxes, looser COVID-19 restrictions and an influx of major employers turned Texas housing markets into hotspots after the pandemic began in March 2020.
