Bankrupt bond insurer Ambac Assurance Corp. has sued Bank of America over MBS that have gone sour.

Ambac is also suing companies and branches that have been directly or indirectly purchased by Bank of America Merrill Lynch over the last few years: First Franklin Financial Corp.; Merrill Lynch, Pierce, Fenner & Smith (MLPF&S); Merrill Lynch Mortgage Lending; and Merrill Lynch Mortgage Investors.

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