An Army attorney has filed a federal lawsuit against a mortgage servicing company alleging its officials violated the Servicemembers Civil Relief Act by overcharging her in interest and fees on her mortgage loan. Army Capt. Melissa A. Dunkley, stationed at Joint Base Lewis-McChord, Washington, is suing Nationstar Mortgage LLC of Lewisville, Texas.
Bank of America Corp. will pay $415 million to resolve accusations from the Securities and Exchange Commission that it misused customer cash and securities to generate profits, the agency said Thursday. The bank’s Merrill Lynch brokerage unit put at risk customer assets worth as much as $5 billion to $58 billion at a time, depending on the week, over a period spanning 2009 to 2015, the SEC said.
NEW YORK Former Countrywide Financial Corp CEO Angelo Mozilo and other executives will not face a U.S. Justice Department lawsuit for defrauding investors in mortgage-backed securities issued before the 2008 financial crisis, people familiar with the matter said on Friday.
Westlaw News | Mon Jun 13, 2016 | 7:33pm EDT Bank of America’s Countrywide unit has been hit with a racketeering lawsuit accusing it of using fraudulent appraisals to qualify homeowners for mortgage loans and boost its profits in the years before the housing crisis.
Westlaw News | Fri Jun 10, 2016 | 6:35pm EDT Bank of America must turn over communications it had with Countrywide Financial Corp before the companies’ merger, New York’s highest court has ruled, rejecting arguments that the documents were privileged.
ALBANY, N.Y. (AP) – New York’s highest court ruled Thursday that Bank of America must disclose to an insurer communications it had with Countrywide Financial six months before the bank bought the mortgage lending company in 2008. The insurer, Ambac Assurance Corp., claims in a lawsuit that Countrywide illegally misrepresented its mortgage-backed securities.
In countless cases against banks and other lenders over the last few years, investors and federal regulators have made basically the same argument: that lenders committed fraud by hiding the flaws of risky mortgage loans and passing them off to investors and the government as safe, solid ones.
Imagine inheriting thousands of dollars only to be told you can’t touch that money. That’s happening right now to a woman in Detroit. Her entire account is frozen and now she’s worried she won’t be able to pay her bills.