Complaint and Exhibits | BofA Sued Over $1.75 Billion Countrywide Mortgage Pool in U.S. Bank NA v. Countrywide Home Loans Inc

BofA sued over $1.75 billion Countrywide mortgage pool

NEW YORK/CHARLOTTE, North Carolina (Reuters) – Bank of America Corp was sued by the trustee of a $1.75 billion mortgage pool, which seeks to force the bank to buy back the underlying loans because of alleged misrepresentations in how they were made.

The lawsuit by the banking unit of US Bancorp is the latest of a slew of litigation to recover investor losses tied to risky mortgage loans issued by Countrywide Financial Corp, which Bank of America bought in 2008.

In a complaint filed in a New York state court in Manhattan, U.S. Bank said Countrywide, which issued the 4,484 loans in the HarborView Mortgage Loan Trust 2005-10, materially breached its obligations by systemically misrepresenting the quality of its underwriting and loan documentation.

Soon after the loans were sold to the trust, they “began to become delinquent and default at a startling rate,” the complaint said. Out of a sample of 786 of the loans, 520, or 66 percent, breached one or more representations, it said.

U.S. Bank said it demanded that Bank of America fix the breaches or buy back the loans as it had agreed to do, but that it has refused and offered no reason for this refusal.

The lawsuit demands that the bank repurchase all the loans in the pool, or at least those it knows have problems and are hurting investors in the trust.

Rest here…

Complaint and exhibits below…

The exhibits are incredible. Especially Exhibit D on the fraud.

Be sure to check it all out.



Complaint – US Bank NA v Country Wide BAC

EXHIBIT A US Bank NA v Country Wide BAC Harbor View 2005-10 Purchase and Servicing

EXHIBIT B US Bank NA v Country Wide BAC Harbor View 2005-10 Purchase Agreement

EXHIBIT C US Bank NA v Country Wide BAC Harbor View 2005-10 Pooling Agreement

Exhibit D US Bank NA v Country Wide Bac Harbor View 2005-10 Fraud

17 Responses to “Complaint and Exhibits | BofA Sued Over $1.75 Billion Countrywide Mortgage Pool in U.S. Bank NA v. Countrywide Home Loans Inc”
  1. lamb says:

    This is a gift and a gold mine to anyone dealing with U.S. BANK N.A. This document lays out succinctly all of the same crimes it (US BANK) comitted and haw to argue them in a law suit or motion. It even references th OCC and department of Treasury cease and desist orders. Take it and run!!!

  2. pamelag says:

    actually sad for them fools. they sold their soul for pennies. Pray for our Planet. God Bless You All.

  3. Ron Moss says:

    Mike; NPR news seems blind to fraud existing; Can you fix that by Lynn Syzemoniac witness to CBS or something?

  4. Charles Fetters says:

    Maybe U S Bank should DOE Angelo Mozillo in the lawsuit. The former owner of Countrywide is just as guilty as the rest of the crooks. Mr. Buffet should invest his money in Zanax and prozac he would get a better return.
    Everyone go to the petition at CREDO and sign it to save AG Eric Schneiderman and support his suing Wall street.

  5. John Anderson says:

    Time for Warren to kick in another 5 Billion. BOA=DOA in 6 months.

  6. Mario Kenny says:

    If I were BOA I would say that they have no Article III standing to sue, no prudential standing and are in violation of the Amendment XIV done deal

  7. talktotennessee says:

    This ought to light a fire under the AGs with a little ‘gubernmen’ hep’!
    Watch banks ‘too big to fail’ that were reported to be vulnerable to future failure, again be hauled out of the ditch!

  8. talktotennessee says:

    Don’t you just love it when the banks, someone other than poor defrauded homeowners, have their dirty linen exposed?

    • housemanrob says:

      TTT, I am sure they don’t know who owns your loan anyway….and it is not legal anyway. I’ll bet cha.

    • JS says:

      YES !!!

      This is similar to the Deutsche Bank suit against CHASE, filed a while back. In that case much of the evidence was taken directly from U.S. Senate testimony by WAMU (Now Chase).


      “C. WaMu Breached the Representations and Warranties

      65. In April 2010, the United States Senate Subcommittee on Investigations (the“Senate Subcommittee”) held hearings about WaMu’s origination and securitization of mortgageloans. Based on the Senate Subcommittee’s findings, as well as the reports of othergovernmental agencies, the Trustee has reason to believe that many of the mortgage loans in theTrusts do not comply with the Representations and Warranties and that WaMu breached theRepresentations and Warranties, which breaches had a material and adverse effect on the valueof the loans or the interests of the Trusts therein.

      69. The Senate Subcommittee found that “WaMu selectedand securitized loans thatit had identified as likely to go delinquent,without disclosing its analysis to investors whobought the securities.”The Senate Subcommittee also found that WaMu “securitized loans tainted by fraudulent information,without notifying purchasers of the fraud that wasdiscovered .” Id., Hearing Ex. #1a, at p. 6 (emphasis added).

      70. The Senate Subcommittee report, associated hearings, and documents releasedrelated to those hearings (collectively, the “Senate Record”) provide multiple examples of WaMu’s breaches of Representations and Warranties. For example, the Senate Record indicates that WaMu lacked effective internal controls, used shoddy lending practices, performed inadequate underwriting, failed to follow procedures, and committed critical errors. Thesepractices by WaMu breached the Governing Documents, including, but not limited to, Sections6(vi), (ix), (xvii), (xxii), (xxxii), (xxxvii), (xlviii), and (lviii) of the MLPA, which, in turn,triggered WaMu’s Repurchase and Notice Obligations with respect to the mortgage loans in theTrusts.”

  9. talktotennessee says:

    Warren kicked in 5 big ones just in time!
    Need to look on the loan numbers in the exhibit to see if one of them is mine since B of A refuses to tell me me WHO actually ‘owns’ my loan.

    • housemanrob says:


      • lvent says:

        That’s right Rob, 40 trillion in collateral fraud, 10 mortgages per property. Their books are cooked, they are insolvent. They rang America up with trillions in fraud and never thought they would get caught.

      • lvent says:

        Their books are cooked and all of their ill gotten gains are hidden in overseas bankster accounts….They want to convince all of us that we did this to the economy because we bought stuff we could not afford….They want all of us to pay for their massive mortgage fraud ponzi scheme.. until the whole country is busted. First they bankrupt the people of a nation, then their Government….This was all done before in Weimar Germany and in America as well during the last Great Depression….Same players…same goal, world domination…..Jesse Ventura said it on his show conspiracy theories, AMERICA IS NOT BROKE……America is one of the richest nations on the planet……WALL STREET IS INSOLVENT ON PAPER…….BUT THEY HAVE HIDDEN AWAY THEIR TRILLIONS IN ILL GOTTEN GAINS…… but, what they want is to force us into bankruptcy to pay for all of their fraud…….It’s all been done before.This was a Hitler Plan by the ruling elite, MAKE WALL STREET PAY!!!!!

      • lvent says:

        The pretender lenders have no collateral to back up all of their debt they fraudulently created out of thin air…….they just want to steal everything from the people!!!!!!….Throw them all in prison. 40 trillion in collateral fraud with 8 trillion in real estate to back that up adds up to a big fat ZERO…..They do not own our homes…These are unsecured debts….they destroyed all of the evidence of their ownership of anybodies loans to carry out their crimes……these were no mere paperwork mistakes because they were in a hurry to sell loans…..THIS WAS MASSIVE PERNICIOUS MORTGAGE FRAUD….Committed by WALL STREET for one reason and one reason only, to steal everything from MAINSTREET….!!!

  10. housemanrob says:

    Yup, Gonna be alot of zanax and prozac prescriptions written on Wall street and in D.C.

Leave a Reply