Countrywide, Thrift Bank Fire Off $400M Loan Pool Suits

Law360, New York (October 17, 2012, 7:19 PM EDT) -- Countrywide Home Loans Inc. and Washington Federal Inc. filed dueling suits Tuesday and Monday in California and Washington state over whether Countrywide breached agreements tied to the representation of $400 million in mortgage loans that Washington Federal had bought.

Washington Federal sued the lender and its parent Bank of America Corp. in Washington federal court Tuesday, alleging several breaches to a mortgage loan purchase and servicing agreement for a pool of 1,046 loans, and seeking damages of at least $15 million. But Countrywide launched a suit...
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