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Investors Proceeding with Countrywide Lawsuit.(Special Report)
New York- The plaintiff's law firm of Grais & Ellsworth is proceeding with a lawsuit filed against Countrywide Financial Corporation on behalf of investors in 374 mortgage securitization trusts.
The suit, filed in December, seeks to force Countrywide, now owned by Bank of America, to purchase at par from the securitization trusts loans that are being modified because of a settlement with state attorneys general. The law firm of O'Melveny & Myers, representing Bank of America, urged Mr. Grais' firm to withdraw the lawsuit, saying that the settlement not only will keep more Countrywide borrowers in their homes, it will represent the best interests of investors as well. In a letter, O'Melveny & Myers said that the lawsuit on behalf of Greenwich Financial Services would seek to halt loan modifications on Countrywide loans that are designed to avert foreclosure.
"Your complaint demands a court order declaring that if Countrywide wants to modify any loans, it must purchase the loans at 100% of face value. No servicer could do that," the letter to David Grais states.
Grais & Ellsworth noted that Countrywide earlier reached an agreement with the attorneys general of 15 states to settle predatory lending charges by reducing mortgage payments for up to 400,000 mortgages at a cost of up to $8.4 billion. Essentially, the lawsuit claims that pooling and servicing agreements require Countrywide to purchase ...
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