The analyst also argues oral arguments related to the question of whether Bank of America is liable for the actions of Countrywide, which it acquired in 2008 are "a potential inflection point in the case." Those arguments are set to begin on Jan. 9.

An MBIA spokesman declined to comment and spokespeople for Bank of America did not respond to a request for comment.

-- Written by Dan Freed in New York.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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