Saxon Mortgage wrongfully forecloses on military personnel

WASHINGTON -(Dow Jones)- Subsidiaries of Bank of America Corp. (BAC) and Morgan Stanley (MS) will pay more than $22 million to settle charges that they wrongfully foreclosed on active-duty military members without first obtaining court orders, the Justice Department announced Thursday. In one settlement, BAC Home Loans Servicing, formerly known as Countrywide Home Loans Servicing, …

Saxon Mortgage sued over improper HAMP

A class action lawsuit has been filed in Federal Court in New York against Saxon Mortgage Services Inc., the Morgan Stanley mortgage servicer division, for failing to fulfill its obligations under the federally-sponsored Home Affordable Modification Program (HAMP) to homeowners in financial distress. The lawsuit is brought on behalf of plaintiffs Ranujoy and Deborah Pandit …

Deutsche Bank, Novastar, and Saxon Mortgage Tie-in

This is an update to an earlier article about determining who the investor is relative to your mortgage serviced by Saxon Mortgage Services Inc. We received a reply from Saxon today. “Your loan is included in a pool of loans that have been securitized and are held in Trust. The Trustee is Novastar Mortgage Funding …

Can you believe Fitch ratings for Saxon Mortgage Services Inc.?

Fitch – the ratings company – has affirmed Saxon Mortgage Services Inc. ratings. Can you believe this? It certainly goes against common logic and what is reported in the news: Fitch Ratings has affirmed Saxon Mortgage Services, Inc.’s (SMSI) U.S. residential servicer ratings as follows: –Residential primary servicer rating for subprime product at ‘RPS2+’; –Residential …