According to the news, what looks like is the court has reversed the ruling on rescissory damages that was stipulated by Judge Bransten.
“Countrywide attorneys also argued that Bransten was wrong when she said MBIA was entitled to rescissory damages if it proved its claims for fraudulent inducement and breach of contract. The insurer seeks damages in the amount it has paid on the insurance policies, minus premiums it has received, according to Bransten’s ruling.
Barry Ostrager, an attorney with Simpson Thacher & Bartlett LLP representing Countrywide, said that the insurer waived its rights to such damages by issuing the policies and reaffirmed the agreement by collecting premiums after learning of possible grounds for rescission.”
According to the report, at 11:58 today, the NY Appeals Court reverses Judge Bransten ruling:
“Appeals Court Says MBIA Not Entitled to Rescissory Damages”
This means MBIA is now entitled to much less because of this reversal in ruling, in my opinion. I would also expect the "Successor Liability" will also be dismissed by Judge Bransten, if not by the Appeals Court.
I would suggest everyone to do a search on : == Bloomberg CountryWide MBIA Bank of America
Make sure to do the search just during the "last hour" with Google. This news is now everywhere on the Internet.