Posts by Nelson
The Dangers Of Entering into a Class Action against your Mortgage Company/Servicer
Many people have received notices to join in a class action against their mortgage company or servicers. A class action is basically a combination of multiple plaintiffs (in this example homeowners) from multiple states with the same complaint ( in this case fraud, misrepresentation) against the same defendant ( in this example your bank or…
Read MoreGoldman agrees to settle mortgage debt class action
(Reuters) – Goldman Sachs Group Inc has agreed to settle a class-action lawsuit with investors who claimed losses on $698 million of securities backed by risky mortgage loans issued by defunct subprime lender New Century Financial Corp. Lawyers for the investors said in a letter filed in U.S. District Court in Manhattan on Tuesday that…
Read MoreHousing Hype: Recovery Turns to Relapse?
A slew of new housing data last week disappointed the analysts and the stock market, and all of a sudden you started to hear concern that maybe housing wasn’t exactly in a robust recovery. From home builder sentiment to housing starts, to home builder earnings right through to sales of newly built homes, there was…
Read MoreFannie Mae and change in regards to their servicers
One of many problems with MERS is that a lot of the mortgage holder’s notes are owned by Fannie MAE. Secondly, Fannie MAE publishes guidelines for the servicers who represent assigned mortgages from MERS to mortgage holders. The whole situation is horrendous and a nightmare for bankruptcy attorneys pursing mortgage claims to navigate However, according…
Read MoreBank Of America And Countrywide To Pay Up
Slowly but surely more banks will start settling and more courts will acknowledge the banking frauds perpetrated. The papers report today that Bank of America and its Countrywide unit will pay $8.5 billion to settle claims that the lenders sold poor-quality mortgage-backed securities that went sour when the housing market collapsed.
Read MoreForeclosure Probe
New York Attorney General Eric Schneiderman expects to lead opposition to what he called a “quick, cheap settlement” of a 50-state investigation into foreclosure practices. Schneiderman put the monetary settlement being discussed with the largest U.S. mortgage servicers at $20 billion to $25 billion and said he will take “the hardest line” against it. The…
Read MoreBankruptcy Court – June Posting
In New Jersey Bankruptcy Court is a two way street for both the debtor and the creditor. Many times the debtor comes into bankruptcy court either riddled with guilt or overwhelmed by their financial situation that they ignore many rights that they have when they come into bankruptcy court. A creditor has responsibilities just as…
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