Bank of America, the biggest U.S. lender, said in a Dec. 17 complaint that MGIC, led by Chief Executive Officer Curt Culver, denied millions of dollars of valid claims for defaulted mortgages by relying on an “unreasonable” interpretation of its policies. MGIC said it intends to defend itself against the bank’s allegations.
MGIC “faces the reality of steep financial losses because of a significant economic downturn,” Charlotte, North Carolina- based Bank of America said in the complaint.
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