First Magnus Opposes Giving Loans To Countrywide

Law360, New York (September 6, 2007, 12:00 AM EDT) -- Bankrupt subprime lender First Magnus Financial moved on Wednesday to block its creditor, Countrywide Financial Corp., from seizing a pool of loans worth $44.5 million, saying it is in a better position to sell the loans itself.

The loans serve as collateral for a loan Countrywide made to First Magnus before it filed for bankruptcy in August. Countrywide asked the court to grant relief from the automatic stay and turn the loans over to Countrywide, saying that their value as collateral is deteriorating in the face...
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