I happened to notice this news piece Friday:
Despite Settlement, BofA MBS Litigation Battles Go
On "Although
Bank of America Corp. has apparently moved past two legal actions it had been
battling, plaintiffs are still lined up around the block trying to collect on
losses from mortgage-backed securities investments.
The Charlotte,
N.C.-based company last week reached a $10.3 billion settlement with Fannie Mae
on $1.4 trillion in loans. BofA was also one of 10 servicers last week to settle
consent order requirements for foreclosure reviews with the Office of the
Comptroller of the Currency.
But the string of lawsuits pending against
the banking behemoth is nowhere near the end."
I personally have done probably 75 separate mortgage Securitization Audits where the Servicer or the Lender (who allegedly sold its interest in the loan to a Trust to be Securitiized - and I absolutely cannot believe what I have seen ... I was a lender a short 4+ decades and always had enormous respect for this Bank - not any more) ....
Thoughts about the residential real estate mortgage industry from a 40+ year insider eyewitness
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