Alvarez v. BAC Home Loans Serv., L.P., No A138443, 2014 WL ________ (Cal. Ct. App. -1st Dist. Aug. 14, 2014)(slip opinion). Opinion here: 2014-a138443–alvarez v bac BANA’s Liability for Countrywide Ct. discusses existence of “aiding and abetting” liability and successor liability and found both were adequately pled While plaintiffs do make the argument that […]
Merritt v. Countrywide Financial Corp., 09-17678 (9th Cir. July 16, 2014). “Automatically to require tender in the pleadings before any colorable defense has been presented would encourage creditors to refuse to honor indisputably valid rescission requests, because doing so would allow the security interest to remain in place absent tender,” Judge Marsha Berzon wrote for […]
Hooray, here’s a lament by someone other than me regarding the weird tendencies to treat homeowner foreclosure litigation as second-class litigation, applying different legal standards to homeowners than to everyone else. This is from a post on the Family & Consumer Law Blog and the full article is here: Courts too frequently have treated foreclosure […]
This is Matt Taibbi’s (always) funny take on the Bank of America CEO’s frequent memory lapses during his deposition in the MBIA case: As it turns out, Moynihan was deposed last May 2. But the deposition was only made public this week, when it was filed as an exhibit in a motion for summary judgment. In the […]
I got to be a part of this fun movie/documentary. I was in pretty august company, it turns out (see below). Check out the trailer here. Reviews “Superbly directed by Sean Fahey, “Bailout” is a powerful film that takes a look at the housing disaster that has taken place across America in recent years, the […]
Housing Wire reports in its “Morning Cup of Coffee” Post: Countrywide is transferring mortgages to special servicers on certain deals in line with the servicing part of a proposed $8.5 billion residential mortgage-backed securities settlement proposed by The Bank of New York Mellon ($16.80 0.07%) and Bank of America($7.28 -0.03%) last year. As of June 26, Countrywide transferred 38,000 loans to Specialized Loan Servicing, Select Portfolio Servicing and Green […]
This is from Pipeline Press at Mortgage News Daily: In an interesting move, in May Bank of America will repurchase $330 million of home loans from Freddie Mac “after flaws were found in how they were created.” In a story from Bloomberg, the facts seem to be that the payments on the “vast majority” of the loans […]
NY Times article by Gretchen Morgenson has the details of the $108 million Countrywide settlement payout: “It is astonishing that one single company could be responsible for overcharging more than 450,000 homeowners, which is more than 1 percent of all the mortgages in the United States,” Jon Leibowitz, chairman of the trade commission, said in […]
Beth Findsen Attorney 