A Tale of Two Loan Modifications, As Investors Sue Countrywide

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Arizona legal officials say such agreements are hindering their ongoing investigation into B of A’s loan-modification practices. which charges the bank’s Countrywide mortgage unit with having.

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On Tuesday, he began a management shuffle by ousting two top executives. It is bracing itself for a war of attrition with mortgage bond investors, who claim the bank and its Countrywide subsidiary.

One of the most common practices among predatory lenders is loan churning, where borrowers are forced into a relentless loan cycle in which they are constantly paying fees and interest, without noticeably reducing the principal amount owed on the loan. Loan churning usually works like this: The lender makes a loan the borrower can’t afford.

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A Tale of Two Loan Modifications, As Investors Sue Countrywide ( Housing Wire ) A predatory-lending settlement that will see Countrywide modify as many as 400,000 loans, reducing payments due on mortgages it services by as much as $8.4 billion, has led a group of investors to sue Bank of America Corp. ( BAC : 14.4163 +12.19%) and Countrywide.

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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Countrywide had argued that the legislation automatically voided its pledges to buy back loans from investors if those loans were modified for troubled borrowers. The ruling is a win for holders of mortgage-backed securities who sued Countrywide in December after the company, now a unit of Bank of America, agreed to modify thousands of loans in a settlement with state attorneys general.

 · What’s Next. In its role as a mortgage seller, Countrywide should face more repurchase demands no matter what, Patrick said. The requests may come directly from bondholders or from the loan servicing arm of Countrywide itself or from Bank of New York, which acts as trustee.