Subprime: Countrywide home loans not so easy after all - Electronic Discovery

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Subprime: Countrywide home loans not so easy after all

From MarketWatch.com:Grais & Ellsworth LLP has filed a class action against Countrywide Financial Corporation on behalf of thousands of investors in 374 securitization trusts to which Countrywide sold subprime and Alt-A mortgage loans. As reported earlier, Countrywide has reached an agreement with the Attorneys General of 15 states to settle charges of predatory lending by [...]

From MarketWatch.com:

Grais & Ellsworth LLP has filed a class action against Countrywide Financial Corporation on behalf of thousands of investors in 374 securitization trusts to which Countrywide sold subprime and Alt-A mortgage loans. As reported earlier, Countrywide has reached an agreement with the Attorneys General of 15 states to settle charges of predatory lending by reducing payments on up to 400,000 mortgage loans by a total of up to $8.4 billion. The complaint in the class action demands a judgment declaring that Countrywide is required to purchase, at full par value, any loan that it modifies.

The lead plaintiff is Greenwich Financial Services Distressed Mortgage Fund 3, LLC, an investment vehicle managed by William A. Frey of Greenwich Financial Services, L.L.C. of Greenwich, Connecticut. Mr. Frey is a leading investor in mortgage-backed securities and has established the new fund to enforce the contractual rights of investors in mortgage ABS.
For a copy of the complaint, please visit www.graisellsworth.com and click on “Countrywide ABS Investors.”

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