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Volume 2013 - Number 11

March 22, 2013

BofA Motion to Dismiss FHFA Suit Over Countrywide MBS Rejected; State Judge Allows Allstate to Sue Three Banks

A federal judge in Los Angeles last week denied a motion by Bank of America’s Countrywide Financial unit to dismiss securities fraud claims by the Federal Housing Finance Agency on behalf of Fannie Mae and Freddie Mac for toxic MBS purchased by the government-sponsored enterprises. The FHFA’s complaint alleges that Fannie and Freddie purchased approximately $26.6 billion in residential MBS that Countrywide sold from Aug. 30, 2005, to Jan. 23, 2008. The agency alleges negligent misrepresentations and fraud related to the offerings of Countrywide MBS.

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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.

 

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