More Videos- Gambling Drunk, Texting to Live And America's On Sale - Your Emails
- The Lloyd's Prayer, Leggo My Eggo, Plate Hate & Your Emails
- Help Wanted—Please Run $4 Billion University
- Madoff—The Holiday Drink
- Drugs, Booze and Vegas
- Happy World Toilet Day
- Coffee, Tea or My Ad?
- Elvis Has Left The Building, But His Scent Remains
- I Have to Leggo My Eggo
- Wait, Texting Can Save Your Life?
SQUAWK BOX VIDEO
MOST SHARED
- The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
- CNBC Anchor Takes a Sabbatical
- Amended Berkshire Hathaway Filing Indicates No Secret Stock Stakes at End of Q3
- Privately Held Facebook Creates Dual-Class Stock
- GM's Agreement to Sell Saab To Swedish Firm Falls Apart
- NBA D-League On The Rise
- On Twitter, Beware False Prophets
- 10 Holiday Cocktail Recipes from Top Mixologists
- Just In Time for Holidays: More Gloom and Doom on Economy
- Buyers Look For Bargains At Luxury Condo Auction
- S&P to Hit 1,200 by Year-End: Chief Investor
- Amended Berkshire Hathaway Filing Indicates No Secret Stock Stakes at End of Q3
- Facebook's Biggest-Ever Holiday Shopping Season
- Facebook's New Dual Class Structure - Slow Steps to an IPO
- 5 Big Bank Stocks Investors Should Consider: Strategists
- Gambling Drunk, Texting to Live And America's On Sale - Your Emails
- Nov. 24: Unusual Volume Leaders
- NBA D-League On The Rise
- 3D's Tipping Point and Your Living Room
- Citi Mortgage Reveals Something the US Treasury Won't
- Fed Sanguine About US Recovery, Worried on Jobs
- Amended Berkshire Filing Reveals No 'Secret' Holdings
- In Time for Holidays: More Gloom and Doom on Economy
- Turkey Day 101: How Well Do You Know Your Bird?
- Privately Held Facebook Creates Dual-Class Stock
- Holiday Guide to This Season's Smartphones
- Six Ways to Boost Your Income in a Big Way
- Gambling Drunk, Eggos on eBay & More: Your Emails
RSS FEED
Funny Business
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
Data is a real-time snapshot *Data is delayed at least 15 minutes