2012-12-13bizjournals.com

``BofA and MBIA have been in litigation since 2008. Bank of America acquired Countrywide in January of the same year for $4.1 billion.

MBIA alleges Countrywide committed fraud by securitizing loans that were riskier than promised. The insurer reportedly says it has paid out more than $3 billion to investors in the securities, to whom it had written policies guaranteeing payments. Bank of America has sought to put financial pressure on resource-constrained MBIA as the case drags on, Reuters reports -- an effort that was weakened by MBIA's moves this week.''


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