The Resolution Law Group: MBIA is accusing Countrywide of misrepresenting underwriting on almost 400,000 residential mortgage loans backing almost $20 billion of securities it insured from 2005 to 2007.

New York State Supreme Court Justice Eileen Bransten has denied Bank of America’s motion for summary judgment and has ruled that Bond insurer MBIA, Inc., may pursue its claim against Bank of America over alleged toxic mortgage-backed securities packaged by Countrywide Financial Corporation.

In its lawsuit, MBIA is accusing Countrywide of misrepresenting underwriting on almost 400,000 residential mortgage loans backing almost $20 billion of securities it insured from 2005 to 2007.

Geoffrey Broderick, the senior partner of the Resolution Law Group, says “this ruling is consistent with the New York court of appeals decision in April that found that MBIA did not need to wait for loans to go into foreclosure before it could force Bank of America to buy them back.”

Mr. Broderick adds that “The housing market will continue to suffer until it is fixed by the Courts or the Legislature. Somebody has to fix the problem. That is why The Resolution Law Group continues its fight for homeowners. Homeowners cannot expect the problem to fix itself.”

The Resolution Law Group continues to prosecute ground breaking litigation in Federal Court on behalf of homeowners suing lenders and servicers for, among other things, the illegal use of MERS, robo-signing, and intentionally ignoring underwriting standards and encouraging inflated appraisals.

The Resolution Law Group is currently enrolling clients into the pending lawsuit. For further information, visit its website at www.TheResolutionLawGroup.com

Lender Litigation, Unlawful Foreclosure, Tarp Money, Mortgage Backed Securities, Derivitives Lawsuits, Insider Trading Lawsuit, SEC Settlements, Ponzi Scheme Lawsuits, Intentional Misrepresentation, Securitized Mortgage, Class Action Securities Lawsuit, Robo-Signing Lawsuit, Lost Equity Litigation, Mortgage Lender Fraud, FINRA Fraud Lawsuit, Suing Banks, Fraudulent Misrepresentation, Short Sale Fraud, Fraudulent Business Practices, Mortgage Litigation, Complex Tort Litigation, Injunctive Relief, MERS Fraud

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