U.S. Bancorp wants BofA's Countrywide unit to buy back loans

08/30/2011 | Bloomberg

U.S. Bancorp sued Bank of America's Countrywide Financial unit over thousands of loans in a mortgage pool. U.S. Bancorp wants Countrywide to buy back the loans to resolve breaches of contract. "Soon after being sold to the trust, Countrywide's loans began to become delinquent and default at a startling rate," according to the complaint from U.S. Bancorp. "During the time period in which Countrywide originated the loans, it completely ignored its underwriting guidelines."

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