We've had a look at the latest lawsuit aiming to geld Countrywide. This latest backhand seeks an order compelling Countrywide to purchase at par every mortgage loan that went into a rather large group of securitization vehicles and modify some 50,000 loans before April of 2009.
Using a figure of $200,000 in unpaid principal per loan as an average, and figuring that 400,000 loans will eventually modified, plaintiffs calculate that Bank of America might find itself on the hook for $80 billion (before any intervention).
Countrywide Class Action Complaint.pdf
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