Countrywide

Federal Court Dismisses United States Action Against Countrywide In Part

by Orrick - Structured Finance Group on 5/15/2013

On May 8, Judge Jed Rakoff of the United States District Court for the Southern District of New York dismissed claims by the United States for damages and civil penalties under the False Claims Act against Countrywide and...more

Where There’s Smoke, There’s FIRREA

by Melissa J. Anderson, Lori Lynn Phillips, Frank Scaduto | Orrick - Securities Litigation and Regulatory... on 5/14/2013

Few can ignite a legal firestorm like U.S. District Judge Jed Rakoff of the Southern District of New York. Last week, in a mortgage fraud suit against Bank of America and Countrywide, Judge Rakoff refused to dismiss a novel...more

Court Issues Summary Judgment Ruling in MBIA’s RMBS Action Against Countrywide

by Orrick - Structured Finance Group on 5/9/2013

On April 29, Justice Eileen Bransten of the New York State Supreme Court issued an opinion granting in part and denying in part competing motions for summary judgment filed by MBIA and Countrywide in connection with tort and...more

Federal Judge Dismisses FDIC’s Securities Fraud Claims Against Countrywide

by Orrick - Structured Finance Group on 4/18/2013

On April 8, U.S. District Judge Mariana R. Pfaelzer of the Central District of California dismissed the FDIC’s suit against Countrywide. FDIC, as the receiver for Colonial Bank, filed suit against Countrywide and Bank of...more

Orrick's Financial Industry Week in Review - April 15, 2013

by Orrick, Herrington & Sutcliffe LLP on 4/15/2013

Fed Proposal on Annual Assessments - On April 15, the Fed requested comment on a proposed rule to establish an annual assessment for bank holding companies and savings and loan companies with $50 billion or greater in total...more

New York Appellate Court Rejects MBIA’s Pursuit of Rescissory Damages

by Orrick - Structured Finance Group on 4/10/2013

On April 2, New York’s First Department appellate court ruled that MBIA Insurance Corporation may not obtain rescissory damages in its breach of contract action against Countrywide because MBIA had freely given up its right...more

Court Denies in Part Motions to Dismiss FHFA’s Claims Against Countrywide and Various Underwriters

by Orrick - Structured Finance Group on 4/5/2013

On March 15, Judge Mariana Pfaelzer of the United States District Court for the Central District of California denied in part motions to dismiss brought by Countrywide, various individuals and various underwriters in...more

Sixth Circuit Further Defines Requirements of Commonality Under Dukes; Distinguishes Seventh Circuit Case Relaxing Those...

by Elizabeth Braverman, Rodger Eckelberry | BakerHostetler on 2/21/2013

In a recent case, Miller v. Countrywide Bank (In re Countrywide Financial Corp. Mortgage Lending Practices Litigation), — F.3d —, No. 12-5250, 2013 U.S. App. LEXIS 924 (6th Cir. Jan. 15, 2013), the Sixth Circuit provided more...more

Sixth Circuit Affirms Fair Lending Class Certification Denial

by BuckleySandler LLP on 1/28/2013

On January 15, the U.S. Court of Appeals for the Sixth Circuit affirmed a district court’s denial of class certification sought by a proposed class of borrowers alleging that a lender’s mortgage loan pricing policy, which...more

$193 Million RMBS Suit Against Countrywide Dismissed as Untimely

by Orrick - Structured Finance Group on 1/23/2013

On January 10, Judge Mariana R. Pfaelzer of the United States District Court for the Central District of California dismissed a $193 million suit brought by mutual fund Asset Management Fund against several Bank of America...more

Failure to Conduct Face-To-Face Interview With Borrower Precludes Nonjudicial Foreclosure Sale Under FHA Loan – Pfeifer v....

by Bill Shiber | Miller Starr Regalia on 1/21/2013

California courts have to date been reluctant to inject themselves into the comprehensive nonjudicial foreclosure scheme enacted by the Legislature at Civil Code section 2924 et seq....more

Orrick's Financial Industry Week in Review - January 14, 2013

by Orrick, Herrington & Sutcliffe LLP on 1/18/2013

In This Issue: - Financial Industry Developments •CFPB Rules on Ability-to-Repay and Qualified Mortgages •Independent Foreclosure Review Settlement •CFPB Final Rules on High-Cost Mortgages •Rating Agency...more

Bank of America and Fannie Mae Reach $10 Billion Settlement Agreement

by Orrick - Structured Finance Group on 1/15/2013

Bank of America announced on January 7 that it would pay $3.6 billion to Federal National Mortgage Association (Fannie Mae) and repurchase for $6.75 billion certain residential mortgage loans sold to Fannie Mae....more

Federal Court Narrows FDIC Lawsuit Against Countrywide

by Orrick - Structured Finance Group on 1/14/2013

On January 3, Judge Mariana R. Pfaelzer of the Central District of California ruled on motions to dismiss filed by defendants Countrywide, Bank of America, and UBS in an action brought against them by the Federal Deposit...more

Mortgage Foreclosure Settlement

by Philip R. Stein | Bilzin Sumberg Mortgage Repurchase Group on 1/10/2013

We have long been skeptical of most loan “repurchase” or “indemnification” demands made by big banks against the third-party originators (i.e., correspondent lenders) who sold those loans to the big banks many years ago....more

Nevada Rejects Literalist View on Some Lender and Trust Deed Holder Requirements for the Right to Enforce

by John S. Delikanakis | Snell & Wilmer L.L.P. on 12/18/2012

Nevada’s Foreclosure Mediation Program (FMP), statutorily mandates mediation before a non-judicial foreclosure of an owner-occupied residence can proceed. It also encourages the judicial review of that mediation. It has been...more

Court Dismisses In Part RMBS Suit Against Countrywide, Dismissed In Entirety Against Bank of America

by Orrick - Structured Finance Group on 12/18/2012

On December 6, Judge Mariana Pfaelzer of the United States District Court for the Central District of California dismissed in part claims brought by several insurance companies, including Minnesota Life Insurance Company, in...more

Countrywide’s Dilemma

by Philip R. Stein | Bilzin Sumberg Mortgage Repurchase Group on 12/17/2012

How can Countrywide/B of A even keep a straight face when it argues that correspondent lenders need to pay it outrageous amounts of money to settle claims for actual or potential losses?...more

Multiple Plaintiffs Drop RMBS Suits Against Countrywide

by Orrick - Structured Finance Group on 11/7/2012

On October 19, Judge Mariana R. Pfaelzer of the Central District of California dismissed with prejudice four cases against Countrywide Financial Corp., and related entities, pursuant to stipulations among the parties....more

Weekly Brief: BoA Sued; SCOTUS Shortlists; Fund Fights Argentina [Video]

by Bloomberg Law on 10/25/2012

Oct. 25 (Bloomberg Law) -- Bloomberg Law's Lee Pacchia runs through the week's most important legal news. Bank of America was sued by the federal government for over $1 billion in damages on claims that the bank defrauded...more

FDIC’s Countrywide RMBS Action Transferred to MDL in Central District of California

by Orrick - Structured Finance Group on 8/15/2012

On August 3, Judge John G. Heyburn II of the Judicial Panel on Multi-District Litigation denied plaintiff Federal Deposit Insurance Corporation’s motion to vacate the court’s order transferring the FDIC’s action to the...more

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Federal Court Dismisses United States Action Against Countrywide In Part

Where There’s Smoke, There’s FIRREA

Court Issues Summary Judgment Ruling in MBIA’s RMBS Action Against Countrywide

Federal Judge Dismisses FDIC’s Securities Fraud Claims Against Countrywide

Orrick's Financial Industry Week in Review - April 15, 2013

New York Appellate Court Rejects MBIA’s Pursuit of Rescissory Damages

Court Denies in Part Motions to Dismiss FHFA’s Claims Against Countrywide and Various Underwriters

Sixth Circuit Further Defines Requirements of Commonality Under Dukes; Distinguishes Seventh Circuit Case Relaxing Those...

Sixth Circuit Affirms Fair Lending Class Certification Denial

$193 Million RMBS Suit Against Countrywide Dismissed as Untimely

Failure to Conduct Face-To-Face Interview With Borrower Precludes Nonjudicial Foreclosure Sale Under FHA Loan – Pfeifer v....

Orrick's Financial Industry Week in Review - January 14, 2013

Bank of America and Fannie Mae Reach $10 Billion Settlement Agreement

Federal Court Narrows FDIC Lawsuit Against Countrywide

Mortgage Foreclosure Settlement

Nevada Rejects Literalist View on Some Lender and Trust Deed Holder Requirements for the Right to Enforce

Court Dismisses In Part RMBS Suit Against Countrywide, Dismissed In Entirety Against Bank of America

Countrywide’s Dilemma

Multiple Plaintiffs Drop RMBS Suits Against Countrywide

Weekly Brief: BoA Sued; SCOTUS Shortlists; Fund Fights Argentina [Video]

FDIC’s Countrywide RMBS Action Transferred to MDL in Central District of California

Weekly Brief: BoA Sued; SCOTUS Shortlists; Fund Fights Argentina [Video]

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