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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: MulhollandDrive who wrote (284825)	10/19/2010 7:10:47 PM
From: carranza2	Respond to of 306849

OK, it wasn't too bad. As far as re-purchasing, I think Yves might be right. As to the other claims, who knows. These claims in a former legal regime might have given rise to RICO violations. They include: 1. failure to give notices of breach by any other party, i.e., the originators. My thought: so what, the damage was done; 2. keeping defaulted loans on the books in order to max out servicing fees.....sounds good if it can be proven; 3. modfiying loans to settle predatory practices claims....very nasty, if true and provable; 4. fraud in setting advances; 5. and setting up affiliates to do its work, allowing them to overcharge with a vengeance, then passing through these expenses to the owners. If I were getting screwed by a contractor as hard as the letter suggests, I would fight them tooth and nail. Of course, the point Yves makes is a good one: whatever possessed the buyers to let an outfit like Countrywide service the stuff? The owners must have known they were less than honest. Why deal with them after the sale? And what do they do now? Get someone else to do the work? Imagine the expense! Still, I think this is going to cost BofA a pretty penny. Especially since the actions are so bad they might be criminal. If that card is used, who knows what might happen. Very interesting that Mozillo got his get of out of jail mostly free card just yesterday. I'd like to know who negotiated for him. It was a marvelous job.