Law \ Legal

Brian Moynihan Coughs Up Another $1.8 Billion, Never Wants To Hear The Word ‘Countrywide’ Ever Again

As best we (and by “we,” we mean “Google”) can tell, the last time the name “Ambac Financial Group” appeared upon these digital pages was nearly 14 years ago, when the bond insurer was seeking some sweet bailout money at the height of the Global Financial Crisis™. One of the reasons Ambac needed said bailout was because it insured the mortgage-backed securities issued by one Countrywide Financial, the mortgages underlying which were not, as far as Ambac was concerned, quite up to snuff, which meant that when they went belly-up, Ambac had an awful lot of payments to make which, as far as it was concerned, it shouldn’t have.

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