A Tale of Two Loan Modifications, As Investors Sue Countrywide

Attorney General Eric Holder and Associate attorney general tony west announced today that the Department of Justice has reached a $16.65 billion settlement with Bank of America Corporation – the largest civil settlement with a single entity in American history ­- to resolve federal and state claims against Bank of America and its former and current subsidiaries, including Countrywide.

I was recently denied a loan modification from bank of america. This is one of those countrywide predatory loans. I had a mortgage broker friend look over my original loan documents. He asked where my signed adjustable rate disclosure form is. I called Bank of America and asked for a copy of it. They said there is not one in my file.

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A Tale of Two Loan Modifications, As Investors Sue Countrywide.. A predatory-lending settlement that will see Countrywide modify as many as 400,000 loans, reducing payments due on mortgages it.

 · The CEO, dogged by investors’ questions about mortgage costs since taking over in 2010, is dismantling the division that handles delinquent.

Fannie Mae raising mortgage modification interest rate yet again Normally, Fannie and Freddie raise or lower the benchmark interest rate in sync, but while Fannie sent out a notification to mortgage servicers that it was decreasing the benchmark rate from 4.125% to 4%, Freddie did not. As it turns out, it just took Freddie a little longer to update its website with the matching interest rate cut.

Quoting from Charles Dickens’ A Tale of Two Cities – "it was the best of times, it was the worst of times" – Piwowar declared that the pay ratio disclosure proposal "represents what is worst about our current rulemaking agenda." Piwowar’s concerns were twofold. First, that the pay ratio disclosure could harm investors.

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 · Bank of America will pay $108 million to settle federal charges that Countrywide Financial Corp., which it acquired nearly two years ago, collected outsized fees from about 200,000 borrowers.

Beware of Loan Modifications Programs and H.A.M.P  · 120 Responses to If nobody owns your mortgage note then you are in luck. It goes back over 400 years to the real birth of paper money, known then as accommodation bills. Back in the 1600s judges were often involved in sorting out disputes as to who actually owed who money and how this could be proved legally.

Instead, the banks insisted that they couldn’t do them because of the terms of the securitization (despite clear language in the PSA that permits modifications). While some investors could (and did – see Greenwich Financial vs. Countrywide) sue over such modifications, I suspect the main reason the servicers didn’t pursue principal.

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"Some of the people who walk through our doors have been tortured for one, two. the top mortgage servicer in the country, handling about 14 million mortgages — 95 percent of them owned by other.