More Videos
- Calvin, Cars, California And Your Emails
- Sex, Dating, Porn—It's All Business
- Fake Bernie Speaks to Real Jane
- "Don't Catch Crabs!"—How To Get A Reporter's Attention
- Madoff "Blogs" His Side Of The Story
- Car Buyers May Buy American!
- Is This How You Solve The Housing Crisis?
- Porn Industry Wants A "Stimulus Package"
- Schwarzenegger Sends Obama A Santa Letter In January
- Chrysler Workers Feel "Hopeless" (Pt 5)
- To The Victor, Goes No Spoils
- Calvin, Cars, California And Your Emails
- Options Tracker: Home Builders, Energy And Yahoo
- How Healthy Is The National Lacrosse League?
- A New and Fresh Start to Your Career Search
- See What People Are Saying About… Scathing TARP Criticism
- The “Real” Breakfast of Champions?
- Cramer's Dow Jones All-Stars
- Stock-Picking Through the Rubble
- Satyam Chairman Arrested, Board Dismantled
- Democrats Recasting TARP As Their Own Stimulus Plan
- Treasurys Boosted by Dismal Employment Picture
- Many Jobs on Wall Street May Never Come Back
- Obama Uses Jobs Report to Push for Stimulus Plan
- Nationwide Inquiry on Bids for Municipal Bonds
- TARP Fund Isn't Being Used to Help Housing: Panel
- For BlackBerry, Obama’s Devotion Is Priceless
- Rising US Layoffs Signal Recession Is Worsening
Text Size 
COUNTRYWIDE BITES BACK!
Here's a question: Who is less sympathetic, Countrywide or trial attorneys?
As Diana Olick earlier reported, a law firm has filed a lawsuit on behalf of at least one investor who represents "a trust" which owns mortgages Countrywide wants to modify under an agreement with several states.
The plaintiff is seeking class action status. His beef: if Countrywide wants to modify bad loans, the mortgage giant (now owned by Bank of America [BAC
Loading...
()
]) needs to buy the loans back from investors at par value.
Now Countrywide is threatening to sue back.
"We are disappointed in this attack on a program intended to keep as many as 400,000 at-risk families in their homes," the company says.
The company smells some funny business here — the pot calling the kettle black, some would say. Still, Countrywide says, "Loan modifications have been occurring for decades without objections or challenges, so we are especially troubled at the timing of this complaint."
Here's the threat:
"Countrywide believes that plaintiffs' lawsuit represents an unlawful effort...Countrywide intends to pursue plaintiffs for any and all remedies available to it, including the recovery of its costs incurred in having to defend this improper action."
____________________________________
More Banks Feeling the Mortgage Pain:
Citigroup [C
Loading...
()
]
JPMorgan Chase [JPM
Loading...
()
]
Goldman Sachs [GS
Loading...
()
]
____________________________________
Questions? Comments? Funny Stories? Email
Del.icio.us
Digg It
Data is a real-time snapshot *Data is delayed at least 15 minutes