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Countrywide’s Legal Problems Continue

MANHATTAN (CN) - A class action demands that Countrywide Financial be held responsible for up to $8.4 billion in reduced payments on hundreds of thousands of mortgage loans, and 374 securitizations of those loans which it sold to investors. Countrywide settled predatory lending complaints brought by at least seven states.

Lead plaintiff Greenwich Financial Services Distressed Mortgage Fund does not contest the attorneys generals' settlements, but it demands that Countrywide be "required to purchase every mortgage loan on which it agrees to reduce the payments."

This class action in New York County Court refers to 103 "CWL Securitizations" and 271 "CWALT Securitizations."

The class is represented by David Grais with Grais & Ellis.

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