BofA Wants $1.75B Countrywide Loan Trust Suit Scrapped

Law360, New York (October 1, 2012, 3:34 PM EDT) -- Bank of America Corp. asked a New York state judge Monday to toss a U.S. Bancorp unit's suit over a $1.75 billion mortgage pool issued by Countrywide Financial Corp., contending that contracts underlying the securitized trust protect it from having to buy back all the loans.

Bank of America, which bought Countrywide in 2008, contended during oral arguments on its motion to dismiss the suit that the contracts stipulate that the“sole remedy” for misrepresentations of loans is to follow a loan-by-loan repurchase process for only those...
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