JUST AS WE PREDICTED, FORECLOSURE RE-FILINGS UP IN FLORIDA; NEW YORK AND NEVADA LAWSUITS ACCUSE COUNTRYWIDE OF NEVER DEPOSITING LOANS INTO POOLS, THUS COUNTRYWIDE HAD NO RIGHT TO INSTITUTE FORECLOSURES | Foreclosure Defense Nationwide - Mortgage Foreclosure Help - Free Advice

JUST AS WE PREDICTED, FORECLOSURE RE-FILINGS UP IN FLORIDA; NEW YORK AND NEVADA LAWSUITS ACCUSE COUNTRYWIDE OF NEVER DEPOSITING LOANS INTO POOLS, THUS COUNTRYWIDE HAD NO RIGHT TO INSTITUTE FORECLOSURES | Foreclosure Defense Nationwide - Mortgage Foreclosure Help - Free Advice

Separately, actions have been instituted in New York and Nevada alleging that Countrywide did not actually deposit mortgage loans into securitized trust pools, and thus Countrywide had no legal authority to seek foreclosure on the properties the subject of the non-placed mortgage loans. This will probably lead to massive litigation against Countrywide for fraud-based claims and punitive damage requests, which may be one of the reasons why Bank of America has recently disclosed that Countrywide may be filing bankruptcy as we reported on this website earlier this week.

Which, again, leads to the importance of the immediate establishment of a separate Borrowers’ Committee in any Countrywide Bankruptcy. Otherwise, and as we cautioned in our article on this matter, Countrywide may seek to destroy literally millions of documents upon filing bankruptcy, and borrower claims may be relegated to the general unsecured creditors’ committe