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Investors Drop Subprime Suit Against Countrywide

Law360, New York (May 2, 2012, 5:12 PM EDT) -- Ten Nebraska-based funds on Wednesday agreed to drop a suit alleging Countrywide Financial Corp. abandoned its underwriting guidelines while assuring investors of the high credit quality of mortgages and loans it issued before it collapsed in 2007.

A Calfornia federal judge granted a stipulation of dismissal with prejudice in the suit, which was filed against the mortgage lender and former executives by a group of investors including the Children's Hospital and Medical Center Foundation of Omaha, Neb.

No further information on the dismissal was available Wednesday,...
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