Maine State Retirement System v. Countrywide Financial Corp.

Good Law

722 F. Supp. 2d 1157·2010 WL 4452571·78 Fed. R. Serv. 3d 1·2010 U.S. Dist. LEXIS 118431

United States District Court, Central District of CaliforniaNovember 4, 20102:10-mj-00302California4,552 words

Opinion

Pfaelzer, J.

ORDER RE: MOTIONS TO DISMISS AMENDED CLASS ACTION CONSOLIDATED COMPLAINT

I. INTRODUCTION AND BACKGROUND

From 2005 to 2007, Countrywide was the nation’s largest residential mortgage lender. AC ¶ 4. During that period, Countrywide originated and purchased residential mortgages and home equity lines of credit (“HELOC”) through its subsidiary Countrywide Home Loans (“CHL”). Id. at ¶ 28. Between 2005 and 2007, CHL originated or purchased a total of approximately $1.4 trillion in mortgage loans. See Countrywide Fin. Corp.2007 SEC Form 10-K (filed Feb. 29, 2008) at 29. Countrywide’s core business was to originate and purchase residential mortgage loans, which it then sold into the secondary market, principally to make up pools of mortgage-backed securities (“MBS”).

Plaintiffs filed this putative class action individually and “on behalf of a class of all persons or entities who purchased or otherwise acquired beneficial interests in” certain MBS in the form of certificates issued in 427 separate offerings (the “Offerings”) between January 25, 2005 and November 29, 2007 “pursuant and/or traceable to the Offering Documents” and were damaged thereby. AC ¶¶ 1, 186. The claims are brought…

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