Quality Home Loans, CountryWide Settle Over Loans

Law360 (September 26, 2007, 12:00 AM EDT) -- Bankrupt lender Quality Home Loans has asked the bankruptcy court to approve a settlement agreement with Countrywide Home Loans Inc. over mortgage loans purchased by Countrywide before Quality filed for Chap. 11.

The settlement agreement, filed Tuesday in the U.S. Bankruptcy Court for the Central District of California, was reached by the two parties after Countrywide filed a motion seeking relief from the automatic stay earlier this month.

Before it filed for bankruptcy, hard money lender Quality would frequently sell pools of loans to the highest bidder or use Countrywide to securitize a pool of loans using real estate mortgage investment...

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