BofA Seeks to Knock Out MBIA Claims Over Countrywide Loans
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Bank of America Corp., the second-biggest U.S. lender, began an effort today to defeat bond insurer MBIA Inc.’s bid to force the bank to pay billions of dollars over home loans.
Bank of America’s Countrywide Financial unit and MBIA, which have been locked in litigation since 2008, appeared before New York state Supreme Court Justice Eileen Bransten in Manhattan today seeking judgments on claims in MBIA’s lawsuit over loans packaged into securities during the real estate boom.