Berman Files Class Action vs. Countrywide

[Denny Retrograde]

Woo hoo! The P-I's got the story and has posted up a link to a PDF of the complaint. It charges systemic failure to fully disclose terms.



I've had my fingers crossed waiting for Berman to get going on something like this. And am delighted to see co-counsel listed as Tousley Brain, whose reputation and track record on class actions are both terrific, the kind of folks who don't shoot unless they've loaded and aimed well first. A great balance against Berman's more abrasive style in federal court.

Bank of America stockholders are about to be even more unhappy with this stupid, stupid acquisition.

[biliruben]

Well, at least the lawyers will still be able to buy houses in Seattle.

[sniglet]

I don't have a lot of sympathy for people who are struggling with loans they took out during the boom years. Sure, the lenders ought to have been more circumspect, but individuals need to take the responsibility for over-extending themselves. There may be a handful of cases where people were truly de-frauded, but I think that in the vast majority of cases the borrowers understood what they were doing.

Everyone is crying today simply because the big gambles they were willing to take on ever-increasing real-estate prices didn't pan out.

I have a lot more sympathy for the CFC bond-holders who are being left to twist in the wind with neither a claim on CFC assets or a commitment to assume the liabilities by BofA.

[rose-colored-coolaid]