Judge Spurns Countrywide Deal With Pa. Trustee

Law360, New York (August 15, 2008, 12:00 AM EDT) -- Days after the U.S. trustee's office lodged a protest, a federal bankruptcy judge has rejected a proposed deal reached between Countrywide Financial Corp. and Pennsylvania over the lender's allegedly abusive practices in the state.

On Thursday, U.S. Bankruptcy Judge Thomas Agresti refused to endorse the settlement, contending that the deal failed to address many important issues and left him uneasy about the whole situation.

"While there definitely appears to be good intention in this regard, the court is concerned that the essential substance of the settlement...
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