NU Online News Service, Sept. 30, 4:00 p.m. EDT
Ambac has sued Bank of America over the lending practices of Countrywide, the mortgage lending business the bank bought, saying the lender failed to follow its own standards when making loans.
The New York-based guarantee insurer filed suit on Tuesday in the Supreme Court of the State of New York in Manhattan, accusing Countrywide of not conforming to its own guidelines when underwriting loans "and in many cases [loans] were made to borrowers with little or no ability to repay their loans."
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