An 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.