NU Online News Service, Sept. 30, 4:00 p.m. EDT

Ambac has sued Bank of America over the lending practices of Countrywide, the mortgage lending business the bank bought, saying the lender failed to follow its own standards when making loans.

The New York-based guarantee insurer filed suit on Tuesday in the Supreme Court of the State of New York in Manhattan, accusing Countrywide of not conforming to its own guidelines when underwriting loans “and in many cases [loans] were made to borrowers with little or no ability to repay their loans.”

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.


  • All news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including and

Already have an account?

Dig Deeper



Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join now!

  • Unlimited access to - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including, and
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2022 ALM Global, LLC. All Rights Reserved.