BofA Escapes Full $1.75B Countrywide Loan Repurchase

Law360, New York (May 29, 2013, 7:16 PM EDT) -- Bank of America Corp. doesn't have to buy back all the mortgages in a $1.75 billion securities pool, but it must still face claims by the securities' trustee, U.S. Bank NA, alleging that it must repurchase about 11 percent of those loans, a New York state judge ruled Wednesday.

Judge Eileen Bransten dismissed a breach of contract claim against Bank of America and some of its affiliates, including Countrywide Home Loans Inc., that sought to force the bank to repurchase all 4,484 loans in the pool...
To view the full article, register now.