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Loan Modification

: The Truth About Mortgage.com

Countrywide Sued Over Bad Mortgage Securities

By scot184

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Another day, another Countrywide lawsuit… Ambac Assurance Corp. has sued Bank of America (Countrywide) in New York state Supreme Court over $16.7 billion worth of shoddy mortgage-backed securities, according to a report from Businessweek. The lawsuit claims former top mortgage lender Countrywide ?fraudulently induced? Ambac to insure the bonds, despite their poor quality. Ambac said 97 percent of [...]

Full post as published by The Truth About Mortgage.com on September 29, 2010 (boomark / email).

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