Searching over 5,500,000 cases.


searching
Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.

In Re: Countrywide Financial Corp.

October 11, 2011

IN RE: COUNTRYWIDE FINANCIAL CORP. MORTGAGE MARKETING AND
SALES PRACTICES LITIGATION



The opinion of the court was delivered by: Hon. Dana M. SABRAWUnited States District Judge

THIS DOCUMENT RELATES TO:

White c. Countrywide Financial Corp., Leyvas No. 08cv1972 DMS (WMC) v. Bank of America Corp., No. [Docket No. 380] No. 08cv1888 DMS (WMC)

Jackson v. Countrywide Financial Corp., No. 08cv1957 DMS (WMC)

ORDER DENYING DEFENDANTS' MOTION FOR PARTIAL SUMMARY JUDGMENT

This matter comes before the Court on Defendants' motion for partial summary judgment. Plaintiffs filed an opposition to the motion, and Defendants filed a reply. Having carefully considered the pleadings and arguments of counsel, the Court now denies the motion.

I.

BACKGROUND

This class action case is part of a multi-district litigation concerning individuals and several business entities involved in residential mortgage lending across the country. Plaintiffs filed separate class action complaints in other courts, and those complaints were transferred to this Court pursuant to an order from the Judicial Panel on Multidistrict Litigation. After transfer, several Plaintiffs joined together and filed a Consolidated Class Action Complaint ("CAC") in which they alleged Defendants had engaged in a scheme to steer borrowers into subprime mortgages, which were then sold as investments on the secondary mortgage market. (CAC at 1-2.) Plaintiffs alleged Defendants pushed borrowers into subprime loans irrespective of their ability to repay the loans or their suitability for other types of loans. (Id.) According to Plaintiffs, Defendants executed this scheme through fraudulent means, including:

* incentivizing employees and brokers to place borrowers into subprime loans, (id. at 2-3),

* training and instructing employees to place borrowers into subprime loans without explaining the terms or disclosing the risks, (id.),

* "making false representations to borrowers, as set forth in standardized sales scripts, that they were offering the best loans available to the borrowers." (id. at 4),

* using "an automated, computerized underwriting program that was designed to maximize the number of subprime loans[,]" (id. at 6),

* failing to adequately disclose future interest rate ...


Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.