{"id":5721,"date":"2015-01-07T00:00:00","date_gmt":"2015-01-07T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/01\/ambac_files_mortgage_bond_laws"},"modified":"2022-05-06T12:06:11","modified_gmt":"2022-05-06T17:06:11","slug":"ambac-files-mortgage-bond-laws","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ambac-files-mortgage-bond-laws\/","title":{"rendered":"Ambac Files Mortgage Bond Lawsuit Against Bank of America"},"content":{"rendered":"

Ambac Assurance filed a mortgage bond lawsuit against Bank of America (BAC) for what it claims were losses of hundreds of millions of dollars from insuring over $1.6B of securities. The holding company says that the loans were at least partially backed by high-risk mortgages from the bank\u2019s Countrywide Home Loans unit.<\/p>\n

According to the mortgage bond lawsuit, Ambac contends that Countrywide lied about the quality of its underwriting of loans that were backing the securities, which were issued in several transactions over a two-year period prior to the acquisition of the unit by Bank of America in 2008. The holding company said that it could be facing potential claims greater than $600 million. It claims that the loan pools backing the certificates it insured have lost billions of dollars. Ambac said that if it had known Countrywide lied it would have never guaranteed payments.<\/p>\n

This is not the first time that Ambac has sued Bank of America Corp. In 2010, the company filed a $16.7 billion mortgage-backed securities case against the bank. In that securities case, Ambac claimed that Countrywide fraudulently persuaded Ambac to insure bonds with loans that were not properly made.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Ambac Assurance filed a mortgage bond lawsuit against Bank of America (BAC) for what it claims were losses of hundreds of millions of dollars from insuring over $1.6B of securities. The holding company says that the loans were at least partially backed by high-risk mortgages from the bank\u2019s Countrywide Home Loans unit. According to the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3751,3752,3922],"tags":[],"class_list":["post-5721","post","type-post","status-publish","format-standard","hentry","category-bank-of-america","category-financial-firms","category-municipal-bonds"],"yoast_head":"\nAmbac Files Mortgage Bond Lawsuit Against Bank of America — Investor Lawyers Blog — January 7, 2015<\/title>\n<meta name=\"description\" content=\"Ambac Assurance filed a mortgage bond lawsuit against Bank of America (BAC) for what it claims were losses of hundreds of millions of dollars.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/ambac-files-mortgage-bond-laws\/\" \/>\n<meta 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