Stay Lifted On Properties In Mortgage Lenders Case

Law360, New York (December 11, 2007, 12:00 AM EST) -- A bankruptcy judge removed the automatic stay on over 50 properties in the Mortgage Lenders Network USA Inc. Chapter 11 case on Monday, after Mortgage Lenders contended that the servicing rights on the properties had already been transferred out of its hands.

Countrywide Home Loans Inc. filed several motions in October to obtain relief from stay and permit exercise of their legal rights to properties in California. A few weeks later, Mortgage Lenders responded that it believed it held no interest in the properties referenced in...
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