Countrywide Loan Relief Spat Sent Back To NY Court

Law360, New York (August 20, 2009, 12:53 PM EDT) -- A federal judge has remanded to state court a suit brought by investors in mortgage-backed securities challenging Countrywide Financial Corp.'s plans to modify troubled loans in a multibillion-dollar settlement with more than a dozen state attorneys general, and Bank of America NA has vowed to appeal the decision.

Judge Richard J. Holwell of the U.S. District Court for the Southern District of New York ruled Tuesday that even though the case met the requirements for federal jurisdiction under the Class Action Fairness Act of 2005, the...
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