Search for: "Countrywide"
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29 Feb, 2008 4:05 am
... , in an unusual filing, the United States Trustee for the Region that includes Georgia filed a lawsuit against Countrywide for a multitude
of alleged offenses in a Chapter 13 case pending in the Northern District. See Walton, United States ... and/or prosecuting motions seeking relief from the automatic stay to foreclose
on consumer mortgages. 43. In this case, Countrywide failed to ensure the accuracy of two motions for relief from the automatic stay that
contained allegations that were inaccurate ...
4 Apr, 2008 7:18 am
... Fed.R.Bankr.P. 2004(c) and 9016, indicates that the UST seeks to examine the "corporate representative" of Countrywide regarding "its
bankruptcy procedures as they relate to the Debtors' financial affairs, the administration of their estate, and the ... Countrywide and this
Bankruptcy Court. These are not documents that will implicate any private business affairs or strategies of Countrywide, and there is no
question that they would be discoverable in traditional litigation between the debtor and ...
1 Jun, 2008 5:55 am
... Countrywide will engage in any other allegedly improper conduct within the course of the underlying bankruptcy case or that Countrywide will even have a continuing role in the underlying case. .... If the Plaintiff's allegations are accepted as true, ... as compensation to the
debtors or the debtors' estate. (Compl. at 16). Additionally, Plaintiff has not alleged that Countrywide is currently violating an order of the
Court or any part of the Bankruptcy Code; thus, Plaintiff has not alleged civil ...
1 Apr 11:50 pm
... consideration from BOA or by assigning the derivative claims to a litigation trust that could pursue the claims for the benefit of Countrywide's shareholders." The Vice Chancellor, however, was not persuaded. In discussing the applicable law, the ... the SRM Objections related to the
Lewis Statements, the Court would certify the defined class of former Countrywide stockholders." Moreover, the Court found that except for "the
problems with the scope of the release, the settlement … would be approved ...
24 Mar, 2008 5:18 am
... alleging violations of the federal Real Estate Settlement Procedures Act (RESPA); the class action complaint alleged that Countrywide
obtained virtually all of its credit reports from Landsafe, that prior to August 2002 Landsafe charged Countrywide $25 per ... to an illegal
markup, id., at 1157. In rejecting this argument, the district court found that "(1) all of the money Countrywide charged from the credit
reports was paid over to Landsafe; and (2) the increase in price was related to services ...
1 Oct, 2007 8:42 pm
... . On the other hand, Countrywide appears to be betting long-term on attracting deposits the old fashioned way: branching. Countrywide plans to double its number of branches offering savings accounts to more than 200 over the next four to six ... worth of mortgage loans that have
been sold to investors in the last few years, it is not the banks or lenders like Countrywide that are hit with big losses when homes go into
foreclosure. It is the sea of faceless investors who own pieces of these trusts. ...
2 Oct, 2007 8:33 pm
... . On the other hand, Countrywide appears to be betting long-term on attracting deposits the old fashioned way: branching. Countrywide plans to double its number of branches offering savings accounts to more than 200 over the next four to six ... worth of mortgage loans that have
been sold to investors in the last few years, it is not the banks or lenders like Countrywide that are hit with big losses when homes go into
foreclosure. It is the sea of faceless investors who own pieces of these trusts. ...
27 Jul 4:40 am
... this issue of first impression in the Ninth Circuit, the Court explained that "no rule or decisional authority prohibited Countrywide from
filing its motion to deny certification before Plaintiffs filed their motion to certify, and Plaintiffs had ... its conclusion that individual issues predominate over common issues."
Vinole, at 8303. The district court granted Countrywide's motion based on its holdings that "(1) it was not obligated to wait for the pretrial
motion deadline before considering the ...
13 Oct, 2008 7:53 pm
... Defendants thereafter filed a further motion to dismiss, arguing that as a result of the merger, the plaintiffs were no longer Countrywide
shareholders and therefore lacked standing to pursue the derivative lawsuit. Judge Robinson granted the defendants' motion ... case create a "cogent and compelling inference that the
individual defendants misled the public with regard to the rigor of Countrywide's loan origination process, the quality of its loans, and the
Company's financial situation - even as ...
20 Oct, 2008 3:27 am
... 2008, more than 2,000 appraisers appeared on "the list." The claim stated that any appraisal submitted to Countrywide from a blacklisted
appraiser was automatically sent to LandSafe, who can render an appraisal "unusable" if it doesn't fall ... practice for more than four years. The complaint states the plaintiff,
Capitol West Appraisers, refused to succumb to Countrywide's alleged pressure - as a result, the company was placed on the list. The
allegations are reminiscent of those made by appraiser ...
31 Mar, 2008 4:48 am
... consolidated under Arkansas Teachers, No. CV-07-06923," were filed in the California federal court "alleging that Countrywide directors
engaged in an extensive pattern of misconduct in disregard of their fiduciary duties to the corporation," id., at 6, ... was unconvinced. While it agreed that Bank of America may
succeed to any derivative claims upon its acquisition of Countrywide, id., at 18, the court found that plaintiffs had not established that the
extraordinary relief would preserve the status ...
3 Dec, 2008 6:08 am
... ), Central District of California District Judge Mariana R. Pfaelzer substantially denied the defendants' motions to dismiss the Countrywide subprime-related securities class action lawsuit. Background regarding the case can be found here. The ... such as 'high quality' are generally
not actionable"; however, in this case, the amended complaint "adequately alleges that Countrywide's practices so departed from its public
statements that even 'high quality' became materially false and misleading" and ...
9 Jun 8:17 pm
... for allegedly hiding financial difficulties which led to the company's collapse from the subprime mortgage crisis. In 2007, Countrywide
Financial was the United States' largest mortgage lender. When it collapsed in 2008, the Bank of America acquired Countrywide for more ...
financial malfeasance, that their subordinate employees hid important information. The SEC has collected top Countrywide executive e-mails
(sent while the housing market was starting to decline) that portray a rosy public picture ...
15 May, 2008 6:59 pm
... within 20 days. At one level, Judge Pfaelzer's order is a reflection of the specific allegations in the Countrywide complaint, particularly
as pertains to the allegations of deteriorating underwriting and loan origination practices, and as ... . Other defendants in other cases may be able to establish the insufficiency of
the plaintiffs' allegations, but the Countrywide decision could be interpreted to suggest that the defendants will have to overcome courts'
receptivity to similar allegations. ...
2 Nov 3:51 am
... channeled into an unlawful 'captive reinsurance arrangement' - essentially, a kickback scheme - operated by their mortgage lender, Countrywide Home Loans… and its affiliated reinsurer, Balboa Reinsurance…in violation of RESPA section 8(a) and section 8 ... at 3, 7-8. Plaintiffs appealed,
and the Third Circuit reversed. The class action was premised on the theory that Countrywide steered homebuyers who needed PMI insurance to
companies that would "reinsure" the PMI policies with Balboa pursuant to a ...
16 Sep, 2007 9:41 pm
The mortgage lender's employees say the value of retirement accounts plummeted by millions as the company's stock fell. Some Countrywide
Financial Corp. employees sued the mortgage lender Wednesday, claiming they suffered heavy losses in their 401k retirement accounts after the company failed to warn them about the depth
of its financial troubles. read more | digg story
23 Oct, 2007 4:34 pm
... record shot to hell based on advice she and her husband were given when they called their lender, Countrywide, looking for a refinance
solution. This is how this homeowner tells the story: She and her husband have an adjustable loan from Countrywide, ... they were still current
on their payments at the time. The woman said her husband was told by someone in the workout department at Countrywide that they should stop
making their payments while the lender figured out a solution for them. (Danger! ...
29 Jan, 2008 7:21 am
... are triggered even when the executive chooses to stay with the company after the acquisition or quits voluntarily. On January 28, Countrywide announced that Mozilo will voluntarily give up $37.5 million in severance and consulting pay in connection with ... takeover. ``My primary focus
today, as it has been for the past 40 years, is to do what is in the best interests of Countrywide's employees, customers and shareholders,''
Mozilo said in the statement. The blow to his wallet will be softened by ...
26 Jun, 2008 3:52 pm
... rise rapidly months down the road. This would produce dramatic increases in monthly mortgage payments, according to the suit. Countrywide
avoided the risk of default from the subprime loans by repackaging them and selling them in the larger credit markets. " ... , except to say that we are fully cooperating with the
offices of the California and Illinois Attorneys General," according to a Countrywide's prepared statement. "Our mission remains to assist our
customers. We are particularly focused on ...
28 Jul 7:33 pm
... of this year, Colorado's Attorney General proudly announced that "Colorful Colorado" had squeezed $6 million out of Countrywide Financial
Corp. for alleged violations of Colorado's Consumer Protection Act, arising out of Countrywide's subprime mortgage ... told,Texas made out like
a bandit compared to Colorado. However, California, with a whopping $3.5 billion carved out of Countrywide's hide, remains the Platonic ideal
of claimants, of whom all other claimants are merely pale reflections. While it ...
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