Romero

ORDER GRANTING COUNTRYWIDE DEFENDANTS’ MOTION TO DISMISS

I. BACKGROUND

A. The Loan Documents

Between June 1, 2005 and December 7, 2006 Plaintiffs Bertha Romero, James Ruiz, Margarita Castro, Teresa Aguilera, Gilbert Gomez, Edward Tenorio, and Donna Tenorio applied for primary residence mortgages through First Magnus. Third Amended Complaint (“TAC”) ¶¶ 2-6. In each instance, the parties’ obligations are governed by a Note and a Truth-in-Lending Disclosure Statement (“TILDS”) (collectively, the “Loan Documents”). Plaintiffs allege that First Magnus provided them with the Loan Documents, but that Defendants Countrywide Bank, N.A. (“Countrywide Bank”) and Countrywide Home Loans, Inc. (“CHL”) (collectively, “the Countrywide Defendants”) “dictated the terms of, selected, pre-approved, and/or drafted” them. Id. ¶ 54(e). The TAC states that after closing, Plaintiffs’ Adjustable Rate Mortgages (“Option ARM loans”) were sold to the Countrywide Defendants. Id. ¶ 7.

With respect to each Option ARM loan, the Note states “I will make a payment every month” and “I will make these payments every month until I have paid all the Principal and Interest and any other charges described below that…