Tag Archives: Countrywide

Attorney Adam Diaz of Diaz Anselmo & Associates examines a recent case where the Eleventh Circuit Court of Appeals reversed a fair debt collections case involving a national mortgage servicer.

Sean McGowan tapped to head HR, training and company culture, while Shannon Clay joins BSI to manage investor reporting, reconciliations, and cash management initiatives.

Legal League 100 Vice Chair Anthony Van Ness looks back at a career spent working in default legal services.

Loan delinquency and pool losses are offsetting the benefits of $7.35 billion of Countrywide settlement proceeds.

Increasing pool losses and riding shares of delinquent loans muted the positive credit effects of recent settlements, according to a release sent by Moody’s analysts on Tuesday. The influx of $7.35 billion of settlement proceeds to deals involving outstanding Countrywide ...

An insurer claimed in a lawsuit that Countrywide had purposely misrepresented its mortgage-backed securities prior to Bank of America's acquisition of Countrywide in 2008.

Bank of America's $1.27 billion penalty in the "Hustle" case has been overturned. Why does the former Countrywide exec who blew the whistle get to keep the reward money?

When filing the appeal in April, Bank of America claimed that "the trial itself was riddled with errors at both the liability and penalty phases." The bank also claims the federal law under which the government made the claim comes with a penalty of no more than $1.1 million.

Bank of America was ordered to pay a $1.27 billion civil penalty in July 2014 as a result of its alleged role in the Hustle case. The bank has been fighting to overturn that verdict since, claiming that the Hustle program ended prior to its July 2008 acquisition of Countrywide. Rakoff rejected a motion by the bank to have the verdict reversed in early February. He also rejected the bank's motion for a new trial at that time.

Thursday's ruling by the appeals court reversed a decision made by a New York State Supreme Court judge in January 2014 that Bank of America did not have to repurchase the faulty loans because the trustee, Bank of New York-Mellon, did not evaluate them properly.