Countrywide Fights To Keep MBS Class Action In Federal Court

Law360, Los Angeles (August 24, 2012, 9:21 PM EDT) -- Countrywide Financial Corp. on Friday urged a California judge to keep in federal court a proposed class action alleging the company misled buyers of ill-fated mortgage-backed securities, arguing the complaint is tied to the recent bankruptcies of loan originators Residential Funding Company LLC and GMAC Mortgage LLC.

Keeping the retooled lawsuit filed on behalf of named plaintiff David H. Luther in federal court would affect the number of potential class members and would ensure any future rulings are consistent with ones U.S. District Judge Mariana Pfaelzer...
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