Ambac sues Bank of America over mortgages

first_img More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPuffer fish snaps a selfie with lucky divernypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comWhy people are finding dryer sheets in their mailboxesnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her AMBAC Financial Group has sued Bank of America Corp, alleging a “massive fraud” that caused it several hundred million dollars of losses from insuring mortgage securities that went sour.In a complaint filed Tuesday in the New York State Supreme Court in Manhattan, Ambac said the bank’s Countrywide mortgage unit misled it about loan quality and underwriting guidelines when sponsoring $16.7bn of residential mortgage-backed securitizations between 2004 and 2006.According to the complaint, the transactions concerned home equity loans, and contained more than 268,000 loans that backed the $16.7bn of securities, some of which Ambac insured.Ambac said it has paid $466m on claims after an “extraordinary” $2bn of the loans went into default or were written off.It also said that 97 per cent of the 6,533 loans it has reviewed did not meet Countrywide’s underwriting guidelines, and that Countrywide has refused to meet its obligation to buy back some of these loans or bring them into compliance.Bank of America, which bought Countrywide in July 2008, and Ambac both declined to comment yesterday. KCS-content Wednesday 29 September 2010 10:30 pm whatsapp Tags: NULL Share Ambac sues Bank of America over mortgages whatsapp Show Comments ▼last_img read more

Japanese tax received coolly

first_imgTuesday 14 December 2010 8:32 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm Japanese tax received coolly Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap Show Comments ▼ Tags: NULL KCS-content center_img whatsapp Japan’s plan to boost its ailing economy by cutting corporate taxes got a guarded welcome from business yesterday, but is unlikely to help restore the fortunes of unpopular Prime Minister Naoto Kan.Kan gave orders on Monday for a five percentage point cut in the tax rate from the year starting next April, despite the country’s ballooning debt, saying it would enable businesses to increase domestic investment, boost jobs and raise salaries. But executives, especially in the car and electronics industries, say their firms will still lose out to South Korean competitors unless the government provides tax breaks for research and capital investment, helps combat the strong yen and makes progress on free trade deals.Political analysts said the tax cut would neither induce businesses to back Kan’s ruling Democratic Party of Japan, nor help raise voter support, which hit a fresh low of 21 per cent in a media poll published yesterday. “Corporate taxes in Japan are high compared with countries around the world, so a reduction of the tax rate is a good thing,” Mitsubishi Motors president Osamu Masuko said yesterday. He added: “But in order to boost jobs and capital outlays on facilities, management needs to be able to have a bright outlook for the future, and for that a reduction in the corporate tax rate is not enough. The yen is still very strong, and for companies like ours that rely heavily on exports, it’s a tough situation.”Cutting the tax rate to 35 per cent from 40 per cent would still leave it higher than the 28 per cent corporate tax rate in Britain, 29.4 per cent in Germany and 24.2 per cent in South Korea, which is gaining overseas market share in cars and electronics at Japan’s expense. Many Japanese companies are more inclined to invest abroad as they try to reduce reliance on the stagnating home market, doing little to reduce the 5.1 per cent jobless rate. whatsapp Sharelast_img read more