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Barbara Desoer

In Court, Bank of America Seeks to Avoid 'Toxic' Countrywide Liabilities

Bank of America Corp. (BAC) has been fighting in a New York court this week to avoid as much as $3 billion in liability for defaulted Countrywide mortgage securities, but the bank's courtroom adversary, bond insurer MBIA Inc. (MBI), is wielding the bank executives' own words in its courtroom attack.In a two-day hearing Wednesday and Thursday, BofA argued it structured its 2008 deal with Countrywide in a way that allowed it to avoid liability for certain Countrywide assets, branded "too toxic" in one internal bank email.MBIA said the deal was in fact a merger in which BofA absorbed 19,000 Countrywide employees, technology and operations to enhance its mortgage capabilities. The insurer introduced videotaped deposition testimony from executives including former Chief Executive Ken Lewis and current CEO Brian Moynihan to bolster its case."The objective was to present a common set of products and a common brand to our combined set of customers," Mr. Lewis said in an April 2012 deposition a...

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  1. CORRECT (4/11): Bank Of America Realigns Units With New Management; Cuts One

    ("Bank of America Realigns Units With New Management; Cuts One," at 5:08 p.m. EDT on April 11, misstated the first name of Thomas Montag in the fifth paragraph. The ...

  2. Report: BofA Eyes Sale of Correspondent Mortgage Arm

    In its latest effort to slim down, embattled financial services giant Bank of America (NYSE:BAC) is reportedly attempting to unload its correspondent mortgage operat...

  3. Foreclosure Mess Impact Could Be Severe: Panel

    Widespread problems in how U.S. lenders documented foreclosures could spark a wave of legal challenges resulting in massive losses to banks and serious new troubles ...

  4. BofA exits wholesale mortgage business

    NEW YORK (Reuters) - Bank of America Corp,the largest U.S. bank by assets, said Tuesday it will nolonger sell mortgages through independent mortgage brokers, asit co...

  5. PREVIEW-U.S. housing summit may yield Fannie, Freddie clues

    By Corbett B. DalyWASHINGTON (Reuters) - An Obama administration summit of housing industry leaders next week may yield clues on the future of Fannie Mae and Freddie...

  6. U.S. housing forum to feature lenders, investors

    WASHINGTON (Reuters) - The U.S. Treasury said Thursday its housing finance conference next week will feature heavyweights in the mortgage lending and investment sect...

  7. BofA Launches Homeownership Retention Program

    Barbara Desoer , Bank of America home loans president, on a new program aimed at helping homeowners with underwater mortgages.

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