Law360, New York (December 4, 2012, 4:05 PM EST) -- Bank of America NA filed a suit Monday claiming Wells Fargo Bank NA, acting as trustee for a pool of securitized home loans, is trying to force BofA to buy back the loans even though most of them are complying with their terms.
The suit asks U.S. District Judge John Z. Lee to issue a ruling that Wells Fargo must show material breaches of each individual loan's terms for BofA to be required to repurchase it.
Investors in the loan pool hold bonds that entitle them...
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.