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BofA Faces Trial for 'Worst of the Worst' 2008 Subprime Loans

Bank of America has been sparring in court with bond insurer Ambac Financial, which seeks to recover $2.7 billion in a case stemming from the 2008 subprime crisis. So reports Bloomberg.

Bank of AmericaAn Ambac lawyer said during opening arguments in New York state court that mortgage lender Countrywide Financial, bought by BofA in 2008, was the “worst of the worst” in underwriting shoddy mortgage securities in the runup to the crisis.

The lawsuit was first filed in 2010. BofA’s regulatory and legal payouts resulting from its $4 billion Countrywide deal already total more than $50 billion.

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