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Countrywide suit revived by court

October 30, 2009|Times Wire Reports

Bank of America Corp.'s Countrywide unit must face a lawsuit alleging that it orchestrated a kickback scheme for private mortgage insurance premiums, an appeals court ruled, reversing a lower court's decision to dismiss the case.

Three homeowners who obtained mortgages from Countrywide Home Loans sued, saying the firm overcharged for private mortgage insurance and interfered with the settlement process.

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