A Tale of Two Loan Modifications, As Investors Sue Countrywide Two of them say they were transferred. Riedel says a 2006 audit showed that 78 percent of loans investors had asked WMC to repurchase turned out to be fraudulent.
“Today, the lag in recovery can still be seen in states with judicial foreclosure laws, where the foreclosure process can take up to two years,” said Tom O. in a difficult situation when their loan.
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SAN FRANCISCO (Reuters) – The states of Arizona and Nevada sued Bank of America Corp on Friday, accusing the largest U.S. bank of routinely misleading consumers about home loan modifications. By Dan.
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FICO warns mortgage, student loan delinquencies may rise Bank of America set to write down principal on California mortgages Auction.com improves foreclosure outcomes for lenders and servicers Lenders often tell borrowers to apply for a loan modification when a borrower falls behind on mortgage payments.
See Vikas Bajaj, "Fund Investors Sue Countrywide Over Loan Modifications" p. B8, col. 3 (New York Times Nat’l Ed., Business Day Section, Tuesday, December 2, 2008). The basis of Greenwich Financial’s lawsuit against Countrywide Financial lies in the settlements Countrywide recently reached with many State Attorneys General.
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The settlement would come on top of the $9.5 billion the bank agreed last month to pay to resolve Federal Housing Finance Agency claims, said two people who asked. $4 billion in aid to consumers,
Christine at Foreclosure Industry gives her 10 reasons why the MERS problem cannot be fixed by legislation, and it’s a pretty good list. I would add that it’s simply not the only problem, or even.
A Tale of Two Loan Modifications, As Investors Sue Countrywide. Jean Anderson 0 Comments. Contents Attorney general tony west Federal housing administration seasonally adjusted annual purchase apps dropped 6.1 Attorney General Eric Holder and Associate attorney general tony west announced today that the Department.
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The current case was brought by two investment funds holding Countrywide mortgages, Greenwich Financial Services Distressed Mortgage Fund 3 LLC and QED LLC. These investors complained they would be harmed if Countrywide shifted the burdens of loan modifications to 374 trusts into which loans had been repackaged and securitized.