Countrywide, BofA Beat FDIC's $1.5B RMBS Suit

Law360, New York (September 13, 2013, 2:03 PM EDT) -- A California federal judge on Monday dismissed the Federal Deposit Insurance Corp.'s suit against Countrywide Financial Corp. and other major lenders over residential mortgage-backed securities, saying the claims are time-barred.

The FDIC alleged that Countrywide, CWALT Inc., Bank of America Corp., Deutsche Bank Securities Inc. and Goldman Sachs & Co. lied about the quality of underlying mortgages when they sold eight certificates of residential mortgage-backed securities to Guaranty Bank in violation of the Texas Securities Act and the federal Securities Exchange Act of 1933.

U.S. District...
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