Motion to Dismiss Granted in Part in Repurchase Suit Against BofA, Countrywide

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On February 13, Justice Eileen Bransten of the Supreme Court of the State of New York dismissed in part a second amended complaint filed by U.S. Bank as trustee for HarborView Mortgage Loan Trust, Series 2005-10. As in its prior decision on a similar claim, the court held that U.S. Bank could not, under the relevant contracts, seek repurchase of all loans in the trust on the basis of alleged “pervasive breaches” of representations and warranties related to mortgage loans. Plaintiff’s breach of contract claims related to 495 loans will proceed. Order.

Topics:  Bank of America, Mortgages, Motion to Dismiss

Published In: Civil Procedure Updates, General Business Updates, Finance & Banking Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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