Holding Bank of America (BAC) liable for its now-subsidiary Countrywide Financial Corp., which allegedly hid problems with billions of dollars worth of mortgage-backed securities insured by MBIA Inc., will scare off financial firms from ever rescuing distressed companies, the bank told a New York state judge.
“Enormously dangerous step” to hold BofA liable for Countrywide
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All parties have settled the Sitzer/Burnett suit, so what’s next?
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