Saxon Mortgage unit sold to Ocwen

First my Saxon mortgage went away when the home sold, and now Saxon Mortgage might go away all together. Nobody will miss this unprofessional, unorganized, and poorly run unit of parent company Morgan Stanley. Here is the news report released on October 25th, 2011: Oct. 25 (Bloomberg) — Morgan Stanley, the sixth-largest U.S. bank by …

No class certification for BofA toxic adjustables

A federal judge rejected class certification for more than 500,000 borrowers who say predatory lending schemes made them fall victim to “toxic” adjustable-rate or subprime-mortgage loans offered by Countrywide and Bank of America. In their consolidated class action, which alleges RICO violations, unfair competition and other claims, homeowners say that Countrywide and other lenders engaged …

Predatory lending went subprime, immoral, and reckless

President Barack Obama said the mortgage finance practices that led to the economic meltdown were “immoral, inappropriate and reckless,” but not necessarily illegal, making it difficult to punish key players, specifically in the subprime debacle. Obama said that in September of 2011 Obama’s statement reminds me of a lawsuit years ago against predatory lender Household …

How crappy U.S. mortgages hurt Ireland and Germany

JPMorgan Chase & Co and Bank of America Corp were hit with new lawsuits by investors claiming losses on $4.5 billion of soured mortgage debt, adding to litigation targeting the two largest U.S. banks. The plaintiff Sealink Funding Ltd said it lost money after buying nearly $2.4 billion of residential mortgage-backed securities (RMBS) from JPMorgan …