8th Circ. Revives Countrywide Loan Fee Action

Law360, New York (July 28, 2011, 5:35 PM EDT) -- The Eighth Circuit on Thursday found that paying interest on a mortgage's extra, unauthorized fees that were eventually returned constituted a financial loss and gave standing to a Missouri couple to bring a class action against Countrywide Financial Corp.'s home loan unit.

The appellate panel overturned a district court ruling that tossed a putative class action that Jerry W. and Golda M. Washington of Kansas City, Mo., filed against Countrywide Home Loans Inc. under a state law that limits fees against borrowers who take out second...
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