U.S. Bank National Association is suing Countrywide Financial Corp. — now owned by Bank of America (BAC: 8.14 -2.98%) — for allegedly breaching its contractual obligation to repurchase more than 4,000 toxic mortgages securitized in the HarborView Mortgage Loan Trust 2005-10.
U.S. Bank, which is Trustee for the HarborView Trust, filed suit in New York to compel Countrywide (now BofA) to buy back the soured loans.
The suit relates to $1.75 billion in certificates sold to investors by HarborView.
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