"We believe that Bank of America gamed the system, perpetrating a fraud on both its customers and American taxpayers," said Steve Berman, managing partner of Hagens Berman and one of the attorneys who filed the lawsuit. "BofA promised that it would work with homeowners to modify their mortgages under the HAMP program.
1st Alliance Lending adds Rick Cardillo to head new division Calabria: Ending the net worth sweep is step one of GSE reform, IPOs are an option Fannie Mae announces new programs to break through student loan roadblock – The new student loan cash-out refinance option expands a program Fannie Mae rolled out with SoFi in November. Lawless said the overwhelmingly positive reaction to that program convinced fannie mae to.Insurers, Lenders Fight Over Foreclosure’s Policy Impact The default of subprime mortgages has led to an array of litigation over losses allegedly resulting from failures in underwriting and servicing practices. While mortgage loan underwriting and servicing failures have been widely reported, whether or to what extent such shortcomings were responsible for losses is less evident.
Although Bank of America (BoA), along with other big banks like Wells Fargo, Citibank, Ally/GMAC and JPMorgan Chase, recently reached a very favorable settlement of potential criminal fraud charges related to their mortgage lending practices, two recently unsealed civil fraud lawsuits against BoA reveal they may not be out of the woods just yet.
The Justice Department has asserted the law in mortgage-related cases pending against Bank of America Corp. that the court dismissed a number of the claims advanced by the government.” The judge.
A federal judge threw out a lawsuit brought by Prudential Financial (PRU), which claimed that Bank of America(BAC) falsely represented the quality of $1.9 billion of pre-crisis residential mortgage-backed securities, leaving Prudential on the hook for "countless" home loans that defaulted.
Introducing: HousingWire’s weekly news podcast DS News | June 19, 2017 According to a filing with the U.S. Securities and Exchange Commission on Monday, PHH Mortgage Corporation has closed the sale of nearly its entire Freddie Mac portfolio of mortgage servicing rights (MSR) to New Residential Mortgage, LLC-about 81,500 loans. New Residential picked up the portfolio for approximately $110.FHA may relax condo rules soon Those homeowners got help while many others were turned down or forced to wait so long they may lose their. aid because his condo complex didn’t qualify. He discovered that fewer than 300 of.
Last week, a New york state judge dismissed a class-action lawsuit against Bank of America on behalf of 374. a federal judge in Manhattan rejected fraud claims by two trusts suing Countrywide over.
A federal judge dismissed claims in lawsuits against U.S. Bancorp and Bank of America accusing the two banks of failing in their duties as trustees for residential mortgage-backed securities that.
Since then, new evidence and pre-trial rulings by U.S. District Judge Jed Rakoff have pared the case back. Bank of America has said the lawsuit’s claims are. In the "Hustle" case, Rakoff dismissed.
Monday Morning Cup of Coffee: Hurricane Matthew causes billions in insured property losses And now Gamble Breaux and self-proclaimed ‘Human Ken Doll’ Justin Jedlica are living it up on Sydney’s social scene again after enjoying a lavish lunch at swanky Bondi restaurant Icebergs on Monday..
Judge Dismisses FDIC Lawsuit against Banks. A federal judge has dismissed a lawsuit that the Federal deposit insurance corporation filed against deutsche bank ag, Credit Suisse Group AG, Wells Fargo, Royal Bank of Scotland Group and HSBC Holdings over allegedly faulty mortgage-backed securities.
By Jonathan Stempel (Reuters) – A federal judge has thrown out much of Prudential Financial Inc’s (PRU.N) lawsuit accusing bank of America Corp (BAC.N) of defrauding it before the financial crisis.