Marino
Marino v. Countrywide Financial Corp.
Opinion
Lead Opinion
Staton, J.
ORDER DENYING PLAINTIFF’S MOTION TO REMAND (Doc. 15)
I. INTRODUCTION
Before the Court is a Motion to Remand filed by Plaintiff Anthony Marino. (Mot., Doc. 15.) Defendants Countrywide Financial Corporation; Countrywide Home Loans, Inc. (“Countrywide Defendants”); Bank of America Corporation; and Bank of America, N.A. (“Bank of America Defendants”) opposed, and Plaintiff replied. (Opp’n, Doc. 18; Reply, Doc. 19.) Having read the papers, heard oral argument, and *951 taken the matter under submission, the Court DENIES Plaintiffs Motion.
II. BACKGROUND
Plaintiff entered into two mortgage loans with Countrywide Defendants that were secured by his property. (First Am. Compl. (“FAC”) at 9:18-25, Doc. 1 Ex. A.) Plaintiff contends, on behalf of himself and proposed class members, 1 that Countrywide Defendants allegedly knew but failed to disclose that: (1) a significant percentage of Countrywide Defendants’ California borrowers with adjustable rate mortgages did not earn sufficient income to make loan payments once them rates were adjusted upward; 2 (2) when the housing boom ended, these borrowers would default and their homes would be foreclosed upon in such large quantities that…