The Lawsuits Begin!

OK, there are probably other lawsuits already. But now a hedge fund is suing Countrywide (Bank of America), claiming that its loan modification program violates contract law and that if Countrywide wants to modify any mortgages it must buy out the existing investors at face value. This is one aspect of the 'secularization problem' that got a lot of air time on this blog a few weeks ago.

Read More...