Countrywide Bank of America

News & Analysis as of

Real Property, Financial Services & Title Insurance Update: Weeks Ending May 1 & 8, 2015

Foreclosure: trial court abused its discretion in dismissing foreclosure action with prejudice, cancelling substantial debt, and denying lender ability to refile a foreclosure action without making finding of facts as...more

BofA’s Inconsistent Positions

Bank of America recently moved to dismiss a lawsuit filed by Ambac Assurance Corp. in New York state court, alleging $600 million in damages for fraudulent inducement in connection with payments it made under policies...more

Fraud Verdict Against Countrywide & BofA Upheld

BofA’s “hustling” attempt to overturn a $1.27 billion judgment against it and Countrywide—along with the individual defendant identified in the next paragraph, the “Defendants”—in the U.S. District Court for the Southern...more

Court Declines to Vacate Jury Verdict in Countrywide FIRREA Lawsuit

On February 3, Judge Jed S. Rakoff of the United States District Court of the Southern District of New York denied Bank of America Corporation’s and Rebecca Mairone’s motion for judgment as a matter of law, or, in the...more

"Dusting Off FIRREA: Old Statute Poses Challenges for Financial Institutions"

A long-dormant law can become an unexpectedly potent weapon in the hands of an assertive prosecutor. And in recent years, few statutes have undergone a rebirth more dramatic — and for some, more troubling — than the civil...more

Federal Home Loan Bank of San Francisco Settles RMBS Claims Against Banks

On January 15, 2015, the Federal Home Loan Bank of San Francisco (FHLB) agreed to a $459 million settlement with various banks stemming from the sales of billions of dollars of RMBS. FHLB originally filed the claims in the...more

Appellate Division Review - Business Judgment Rule, Privilege, Child Support, Animal Rights

The more things change, the more they remain the same. As we enter a new year, New York’s Appellate Division faces the same and greater challenges: increasing caseloads, staff shortages, judicial vacancies, and legal disputes...more

No Lawsuit Required to Rescind: U.S. Supreme Court Clarifies Mortgage Rescission Notification Requirements for Borrowers under...

Background of Notice versus Lawsuit Issue - The Truth in Lending Act (“TILA”), as implemented by Regulation Z, provides borrowers with a powerful tool: the right to rescind certain mortgage loan transactions. This...more

Supreme Court Unanimously Resolves Circuit Split Regarding Notice Requirement for Truth in Lending Act Right of Rescission

In Jesinoski v. Countrywide Home Loans, Inc., decided January 13, 2015, the United States Supreme Court resolved a circuit split and clarified that borrowers need not file a complaint in order to invoke their right to rescind...more

The U.S. Supreme Court Unanimously Rules Against the Creditor in Jesinoski

We predicted here that at least five U.S. Supreme Court Justices would reject the creditor’s argument in Jesinoski v. Countrywide Home Loans, Inc. that a borrower must file a lawsuit within three years of the consummation of...more

Special Alert: Supreme Court Holds That Notice of Rescission Is Sufficient For Borrowers to Exercise TILA’s Extended Right to...

The Supreme Court on January 13, 2015 held in Jesinoski v. Countrywide Home Loans, Inc. that a borrower seeking to rescind a loan pursuant to the Truth In Lending Act’s (“TILA’s”) extended right of rescission need only submit...more

SCOTUS Ruling Makes it Easier for Borrowers to Rescind Home Loan Under Truth in Lending Act

On January 13, 2015, the U.S. Supreme Court unanimously ruled that borrowers may reserve and effect their right to rescission by simply notifying creditors of their intent to rescind a loan within three years after receiving...more

Supreme Court Resolves Circuit Split Over TILA Rescissions Limitations Period

The United States Supreme Court ruled yesterday that a borrower relying on the Truth in Lending Act (TILA) to rescind his mortgage loan need only mail written notice of his intent to his lender within three years of the...more

Credit Crunch Digest - December 2014

This issue of the Credit Crunch Digest focuses on Libor civil penalties; three former ICAP brokers pleading not guilty to criminal Libor charges; a large whistle-blower award to a former Countrywide Financial Corp. executive;...more

Supreme Court Decides Jesinoski v. Countrywide Home Loans, Inc.

On January 13, 2015, the U.S. Supreme Court held that borrowers exercising their right to rescind a loan under the Truth in Lending Act must provide written notice to their lender within the three-year rescission period but...more

The Supreme Court Just Held That TILA Rescission Is Accomplished With Notice Alone

Until today, courts were split over what steps borrowers must take to rescind a home loan. Some courts had ruled that a borrower simply had to send a rescission notice to his creditor within three years after taking out a...more

Ambac Sues Countrywide For Alleged Fraud in Connection with $1.7 Billion in RMBS

On December 27, Ambac Assurance Corporation filed a complaint against several Countrywide entities and Bank of America Corporation in New York state court, seeking to recover at least $600 million in damages in connection...more

New York Court Expands Application Of Common Interest Privilege In Case Involving M&A Transaction

Expanding the law in New York governing the attorney client privilege, New York’s intermediate appellate court held last week that anticipated or pending litigation is not a necessary prerequisite to invoking the common...more

New York Extends Common Interest Privilege Protection to Non-Litigation Communications

Ordinarily, when a communication between an attorney and her client is disclosed to a third party, that communication loses its privileged status. The common interest privilege operates as an exception to that rule that...more

BofA and Countrywide Settle RMBS Lawsuit with National Integrity

On August 28, in light of a settlement reached between the parties, Judge Mariana R. Pfaelzer of the United States District Court for the Central District of California dismissed a lawsuit brought by National Integrity Life...more

Credit Crunch Digest -- August 2014

This issue of the Credit Crunch Digest focuses on Libor yen manipulation; Bank of America’s nearly $17 billion settlement with regulators; ongoing investigations into “dark pool” trading; a $1.3 billion fine imposed on Bank...more

Bank of America’s $16.65 Billion Settlement

In what is being reported as the largest settlement ever between the U.S. and a single business entity, Attorney General Eric Holder and Associate Attorney General Tony West announced Thursday that Bank of America Corp....more

Bank of America Foreign Exchange and Mortgage Practices Under Investigation

On Tuesday, Bank of America disclosed in its annual report with the US Securities and Exchange Commission (SEC) that “government regulators” in North America, Europe and Asia are investigating its foreign exchange and...more

Court Denies BofA’s Motion to Reconsider Use of FHFA Documents Produced in Other RMBS Litigation

On February 14, Judge Denise Cote of the United States District Court for the Southern District of New York denied Bank of America’s request to reconsider the court’s earlier order disallowing use of documents produced by...more

Credit Crunch Digest - December 2013

This issue of the Credit Crunch Digest focuses on recent developments in Libor-related cases; Credit Suisse’s challenge to the New York Attorney General’s mortgage-backed securities case; Bank of America’s settlement in a...more

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