Countrywide Abuses Bankruptcy System: Trustees

Law360, New York (February 29, 2008, 12:00 AM EST) -- Three U.S. trustees sued mortgage lender Countrywide Home Loans Inc. last week in three separate homeowners' bankruptcy cases, blasting the company's alleged “bad-faith conduct that abused the judicial process,” which they said was part of a nationwide, ongoing pattern.

One complaint, filed Thursday by U.S. Trustee Donald F. Walton in the bankruptcy case of Georgia homeowners John and Robin Atchley, claims that Countrywide submitted filings that “contain incomplete and inconsistent information concerning Countrywide’s interest in the debt secured by the Atchleys’ residence.”

Specifically, Walton says, Countrywide...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

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.