BofA, Countrywide Beat RICO Claims Over Subprime Lending

Law360, New York (October 31, 2012, 3:50 PM EDT) -- A California federal judge Tuesday largely wiped out racketeering and unfair competition allegations against Bank of America Corp. and Countrywide Financial Corp. from a married couple who say they were improperly given a subprime loan and sent into foreclosure, calling them time-barred and unspecific.

Manuel and Mila Cabrera can't pursue their racketeering claims because a four-year statute of limitations had expired by the time they brought suit in September 2011, based on a mortgage issued in July 2007, U.S. District Judge Susan Illston wrote. The Cabreras...
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