Grais & Ellsworth LLP Announces Webcast to Brief Investors In Countrywide ABS On...

Grais & Ellsworth LLP Announces Webcast to Brief Investors In Countrywide ABS
On Cost to Them of $8.4 Billion Predatory Lending Settlement

NEW YORK, Nov. 11 /PRNewswire/ -- Following a successful in-person
briefing for investors in the New York area, Grais & Ellsworth LLP announced
today a webcast to brief investors throughout the United States and Europe in
securitizations of loans originated by Countrywide Financial Corporation (now
a subsidiary of Bank of America). Countrywide has reached an agreement with
the attorneys general of California, Illinois, and nine other states to settle
predatory-lending charges against it by modifying the mortgage loans of
approximately 400,000 borrowers at an expected cost of $8.4 billion.
Countrywide does not plan to bear the $8.4 billion cost itself, but rather to
shift that cost to the trusts into which its loans were securitized. In a
paper published on October 15, 2008, Grais & Ellsworth concluded that
Countrywide's plan will violate the rights of the investors in the
securitizations of its loans.
The details of the webcast are:

Date: Wednesday, November 19, 2008

Time: 11:00 am to 12:15 pm, Eastern Standard Time

To register for the briefing, please email cwabs@graisellsworth.com.

For a copy of the firm's paper on why Countrywide's plan will violate the
rights of investors, please visit www.graisellsworth.com.
Grais & Ellsworth LLP is a litigation firm in New York that represents
investors in asset-backed securities.
SOURCE Grais & Ellsworth LLP

David J. Grais, Grais & Ellsworth LLP, +1-212-755-3550,
dgrais@graisellsworth.com