For the second time in three weeks, Bank of America has escaped liability in cases involving the Countrywide mortgage business it acquired in 2008. Last month, a federal judge dismissed claims by two trusts that had bought $43 million of residential mortgage-backed securities from Countrywide. And now BofA has won the dismissal of a high-stakes purported class action brought on behalf of more than 370 trusts that bought securitized mortgages from Countrywide.
Judge Dismisses Class Action Against Countrywide, Rules BofA Not Obligated to Buy Back Mortgages
The American Lawyer
October 15, 2010