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US Bank Hits Bank of America With $178M Mortgage Loan Suit

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Law360, Los Angeles (June 26, 2015, 9:57 PM ET) — U.S. Bank NA., acting as a trustee for a pool of home loans, slapped Bank of America Corp. and others with a suit in New York state court seeking to recover $178 million in losses over alleged misrepresentations made in the sale of residential mortgage loans.

Suing as the trustee of Lehman XS Trust, Series 2007-7N, U.S. Bank seeks redress from Bank of America and Countrywide Financial as successors-in-interest to Countrywide Home Loans Inc., for alleged breaches of representations and warranties under a 2007 warranties and…

Source: Law360

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