In a letter written Monday, October 18, 2010, a group of institutional bond investors raised objections to the handling of 115 bond deals issued by affiliates of Countrywide Financial Corp., acquired by Bank of America Corp. in 2008. See Wall Street Journal article here. The group of institutional investors is stepping up efforts to recoup losses on soured mortgage portfolios amid concern about sloppy mortgage servicing and underwriting practices.
The group, which includes mutual-fund managers, government-related entities, insurance companies and investment partnerships, is seeking to have loans that didn't meet underwriting requirements repurchased and to be compensated for losses due to inadequate mortgage servicing.
The article notes the fact that the time to pursue some of these claims is running out. Under New York contract law, investors generally have six years from the time of a securitization to put back loans that violate representations and warranties.
Sparer Law Group continues to investigate the underwriting and mortgage servicing practices of the banks that created these mortgage pools. If you are an investor and have questions about them, please contact the firm at 415-217-7300 or info@sparerlaw.com.
About the firm:
Founded in 2003, Sparer Law Group built its reputation protecting investor rights and recovering investment losses for individuals and institutions through both individual and collective actions. The firm specializes in cases involving complex securities products including derivatives, restricted stock, hedge fund and private equity investments. In 2009, Sparer Law Group was appointed lead counsel in the consolidated securities class action against the Oppenheimer California Municipal Fund, which lost nearly $1 billion of net asset value in 2008.
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