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
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.