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[4] Judge Bransten also ruled the insurer can seek damages against Bank of America if it can prove it there were misrepresentations by the bank and that MBIA would not have written the insurance if the misrepresentations had not been made. Bank of...
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State Supreme Court on Monday. MBIA has accused Bank of America’s Countrywide home loan unit of fraud and breach of contract related to 15 mortgage securities. On Jan. 3, New York State Supreme Court Justice Eileen Bransten ruled MBIA does not need to...
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MBIA may invoke the repurchase provisions upon showing that the characteristics of a loan was [sic] not as represented by Countrywide
SOURCE: The Big Picture -
MBIA filed its cross-appeal in New York State Supreme Court on Monday. MBIA has accused Bank of America's Countrywide home loan unit of fraud and breach of contract related to 15 mortgage securities. On Jan. 3, New York State Supreme Court Justice...
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Bransten ruled MBIA does not need to prove claims payments it has made on the securities were a direct result of the alleged misrepresentations. Judge Bransten also ruled the insurer can seek damages against Bank of America if it can prove it there were...
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US To Settle Fraudclosure For $25 Billion Even As It Channels Fake Tough Guy In Meaningless Lawsuit Against Very Same Banks
Zero Hedge
In reality all this action will do is provide a benefit for private plaintiffs against banks like Bank of America, such as MBIA, whose case that banks have misrepresented terms of sold securities, will be strengthened. The ultimate cost, however to...
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if MBIA’s interest in the loans is ‘materially and adversely’ affected by Countrywide’s breach…[meaning there is a] material increase in the risk profile.
SOURCE: The Big Picture -
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Banks challenging the split say the errors were material and want the restructuring reversed. The banks also say that the claims MBIA has paid since the split was approved have exceeded their own worst-case scenarios. The MBIA spokesman said claims...
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The biggest error, according to both Chaplin and state regulators, involved MBIA's miscalculation of its potential tax benefits in certain worst-case hypotheticals. According to the state, that mistake would have resulted in MBIA's 2009 surplus to...
About MBIA, Inc.
Wikipedia
MBIA, Inc. (NYSE: MBI) is a financial services company, a member of the S&P 500 index. It was founded in 1973 and headquartered in Armonk, New York and has approximately 400 employees. MBIA is the largest bond insurer. Full Article
