Opinion Here: NY Court Says Bank of America Must Disclose Communications with Countrywide in Ambac Suit

Bank of America Stealing Homes

NY Court Says Bank of America Must Disclose Communications with Countrywide

ALBANY, N.Y. (AP) — New York’s highest court ruled Thursday that Bank of America must disclose to an insurer communications it had with Countrywide Financial six months before the bank bought the mortgage lending company in 2008. The insurer, Ambac Assurance Corp., claims in a lawsuit that Countrywide illegally misrepresented its mortgage-backed securities.

The Court of Appeals ruled attorney-client privilege doesn’t shield hundreds of communications between the two institutions and their lawyers from Ambac as it collects evidence for its fraud lawsuit. The court reinstated the order of a judge in Manhattan, where the fraud case is pending.

Ambac guaranteed payments on securities issued by Countrywide subsidiaries between 2004 and 2006.

“Ambac argues that the very communications Bank of America withheld from disclosure would have revealed that the merging entities structured their transaction to conceal Countrywide’s fraudulent dealings and leave potential victims without recourse,” Judge Eugene Pigott Jr. wrote. “Defendants … respond that there is no evidence of actual abuse in this case.”

More here…

Full opinion below…

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4closureFraud.org

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Ambac Assur. Corp. v Countrywide Home Loans

Comments
One Response to “Opinion Here: NY Court Says Bank of America Must Disclose Communications with Countrywide in Ambac Suit”
  1. Juan Reynoso says:

    The Neoliberalism political economic system of corruption has given the bankers carte blanche to commit criminal acts with impunity. Our legal system and the politicians are being corrupt by big money and what they are doing is playing a charade to appease the people. True justice will never be achieve through this corrupt legal system; we the people must get our own justice by closing our accounts on all the international banks they are nothing more than thiefs with a license to rob the people of the world.

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