United States:
Motion To Dismiss Granted In Part In Repurchase Suit Against BofA, Countrywide
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On February 13, Justice Eileen Bransten of the Supreme Court of
the State of New York dismissed in part a second amended complaint
filed by U.S. Bank as trustee for HarborView Mortgage Loan Trust,
Series 2005-10. As in its
prior decision on a similar claim, the court held that U.S.
Bank could not, under the relevant contracts, seek repurchase of
all loans in the trust on the basis of alleged "pervasive
breaches" of representations and warranties related to
mortgage loans. Plaintiff's breach of contract claims
related to 495 loans will proceed.
Order.
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