Ninth Circuit Issues Common Sense Decision on Applicability of Pleading Tender in Truth in Lending Rescission Case

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 […]

MBIA v Countrywide: the Brian Moynihan Deposition

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 […]

Bailout the Movie

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 […]

Special Servicers Receive Countrywide Mortgages En Masse

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 […]

Countrywide’s Business Model Was Based on “Deceit and Corruption” Says Chair of Trade Commission

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 […]