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Big bank plans $420 million lawsuit over soured Countrywide loans

mpamag.com | May 30, 2016

By Ryan Smith

HSBC plans to file a $420 million lawsuit against Bank of America and Merrill Lynch over soured Countrywide mortgage loans.

HSBC notified the state of New York of its intention to file the lawsuit this week, claiming that Merrill Lynch and Bank of America allowed Countrywide loans to be securitized despite knowing they were toxic, according to a HousingWire report.

HSBC is planning to sue in its role as trustee of a residential mortgage-backed securities trust. The bank claims that Merrill Lynch and Bank of America failed to notify it of defective loans and refused to cure or repurchase the loans. HSBC claims it suffered “no less than” $420 million in damages when the loans soured.

HSBC claims that Merrill Lynch, Bank of America and Countrywide all became aware of the defective loans through their own due diligence or through “multiple government investigations” relating to the origination and servicing of the loans, HousingWire reported. However, none of those entities notified HSBC.

“Defendants’ failure to give the required notice of breaches interfered with and delayed both Merrill Lynch’s cure or repurchase of defective mortgage loans and the trustee’s exercise of its right to demand that Merrill Lynch cure or repurchase the mortgage loans,” HSBC stated in a court filing.




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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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