Mortgage-securities holders win case against Countrywide

08/20/2009 | NYTimes.com

Holders of mortgage-backed securities scored a big win when a federal judge in Manhattan ruled that U.S. legislation adopted last year does not shield Countrywide Financial from all investor lawsuits based on loan modification. Countywide had argued that the Helping Families Save Their Homes Act of 2009 relieved it from commitments to buy back loans from investors in the event that the loans are modified to help distressed borrowers.

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