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Sheppard Mullin Richter & Hampton LLP | USA | 16 Mar 2010

3rd Circuit decision holds that captive reinsurance arrangements violate Section 8(a) of RESPA

In Alston v. Countrywide Financial Corporation, 585 F.3d. 783 (3rd Cir. 2009), the United States Court of Appeals for the 3rd Circuit held that homebuyers may pursue a class action claim that Countrywide Financial Corporation engaged in taking kickbacks in violation of Section 8(a) of the Real Estate Settlement Procedures Act (RESPA) by steering private mortgage insurance policy referrals to insurers who agreed to reinsure a portion of the policies with Countrywide's affiliate.

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