Cleanup underway in subprime houses

This is a recap. Merrill Lynch & Co. Inc. said in a financial report that it has agreed to pay $550 million to settle separate class action lawsuits stemming from subprime loss disclosures. The Ohio State Teachers Retirement System, the lead plaintiff in one lawsuit brought on behalf of stock purchasers, agreed to a proposed …

F-rated Saxon Mortgage and calls from 800-594-8422 annoy homeowner

When it comes to annoying lenders and mortgage servicers Saxon Mortgage Services Inc. takes the title as the most annoying, which reflects poorly on parent company Morgan Stanley. We are qualified to make that assessment for several reasons: (1) We interviewed homeowners with different mortgage servicers. (2) We examined monthly payments from these homeowners. (3) …

First shots fired in global economic war

If subprime issues and tainted paper sold around the world didn’t start a global economic war a recent move might do so. Investors in bank debt are threatening to boycott lenders that follow Deutsche Bank in breaking an unwritten rule and failing to exercise a call option on subordinated debt. In a coordinated action, angry …

Saxon Mortgage phone calls like NovaStar or a shady lender

We receive reader input almost every day. Last summer we wrote about mortgage lenders and servicers that call customers, often before the due date. Many of those lenders are gone, erased from the financial landscape altogether. Nobody will miss them. But it seems Saxon Mortgage has joined this group. Calling customers well before the payment …