August 30, 2011 11:28 AM EDT
Bank of America Corp. was sued by the trustee of a $1.75 billion mortgage pool, which seeks to force the largest bank to buy back all of the loans in the trust because of alleged misrepresentations.
The banking unit of US Bancorp said Countrywide Financial Corp., which issued the loans in the HarborView Mortgage Loan Trust 2005-10, breached its obligations by misrepresenting the quality of its underwriting and loan documentation.
It said that because of this material breach, Bank of America, which bought Countrywide in 2008, was obligated to buy back all the loans in the mortgage pool.
The lawsuit was filed in the New York State Supreme Court in Manhattan. Bank of America wasn't immediately available for comment.
(Reporting by Jonathan Stempel and Joe Rauch; Editing by Derek Caney)
Follow us
Curt Schilling Fires Entire Staff in ‘Non-Voluntary’ Layoffs at Video Game Company 38 Studios
Ben & Jerry’s Lock Protects Your Ice Cream Pints From Thieves, Where To Buy The 'Euphori-Lock' [PHOTOS]
Jonathan Ive: Apple's Next Project Is 'Most Important,' 'Best Work We've Done'
Judge Tosses Part Of AIG Suit Against Bank Of America
Memorial Day Sales 2012: 25 Best Deals, Discounts And Bargains Online And In Stores For MDW Holiday WeekendWe value your privacy. Your email address will not be shared.
