3rd Circ. Resuscitates Countrywide Kickback Case

By Erin Coe

Law360, New York (October 28, 2009, 7:51 PM ET) -- A federal appeals court has revived a dismissed proposed class action brought by homebuyers accusing Countrywide Home Loans Inc. and its reinsurer unit, Balboa Reinsurance Co., of engaging in a kickback scheme that could reduce competition among private mortgage insurance providers.

The U.S. Court of Appeals for the Third Circuit on Wednesday reversed a lower court’s dismissal of the complaint for lack of jurisdiction, holding that the Real Estate Settlement Procedures Act allows for a private right of action even if there is no overcharge allegation....
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