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Bank of America Moves Two Steps Back After Court Ruling
Mortgage News > Bank of America Moves Two Steps Back After Court Ruling
The New York Supreme Court issued a ruling late in the month of December regarding a lawsuit involving Bank of America and the MBIA. The Supreme Court ruled that MBIA is capable of making informed judgments as to the validity of the majority of BofA’s foreclosure files in question based on a sampling of their files in dispute.
Bank of America had proposed that MBIA review each of their 368,000+ loans in dispute individually which would take MBIA an estimated four years with a team of 24 people and roughly $75 million, as reported by The Washington Post.
The court MBIA only need review 6,000 of the 368,000+ cases in order to gain a true understanding as to how Bank of America handled their foreclosure cases.
After such a ruling the large lender could be facing trial as scheduled in the year 2011.