Bank of America Corp.'s lawsuit against MGIC Investment Corp. reflects escalating tensions in the industry over mortgage insurers' denials of claims that lenders submit for defaulted home loans.
In a complaint filed in the Superior Court of California for San Francisco, B of A alleged that MGIC is denying "millions of dollars in valid mortgage insurance claims" the lender has submitted. A spokeswoman for B of A would not elaborate on the dollar amount of claims in dispute.
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