On June 25, 2015, U.S. Bank, in its capacity as Trustee for the LXS 2007-7N Trust, filed a summons with notice in New York Supreme Court against Countrywide Home Loans ("CHL"), Countrywide Home Loans Servicing LP ("Countrywide Servicing"), and others, seeking to recover $178 million in losses over alleged breaches of representations and warranties made about the sold to the Trust. U.S. Bank alleges that, despite receiving repurchase demands in connection with allegedly breaching loans, CHL failed to cure or repurchase the loans, or indemnify the Trust for the resultant losses. U.S. Bank also claims that Countrywide Servicing failed to notify the Trustee when it discovered breaches, and failed to force CHL to repurchase or substitute such breaching loans. U.S. Bank seeks specific performance, declaratory relief, damages, indemnification, and prejudgment interest. Summons with Notice.
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