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Investors Sue Countrywide Over Loan Relief Deal

Law360 (December 2, 2008, 12:00 AM EST) -- Investors in mortgage-backed securities are suing Countrywide Financial Corp. over its plans to modify troubled loans in a multibillion-dollar settlement with more than a dozen state attorneys general.

The lawsuit, filed Monday in the New York Supreme Court by two funds that purchased subprime securities, alleges the Bank of America Corp. subsidiary does not own the loans it has pledged to adjust in the deal to resolve predatory lending charges against it.

The funds — Connecticut-based Greenwich Financial Services Distressed Mortgage Fund 3 LLC and QED...
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