Sociable

Monday, October 4, 2010

Mortgage investor group wants loans ensnared in robo-signing snafu repurchased

More robo-signer and paper mill news.  This one is about how investors want their purchase money back.  Also expect class action lawsuits by homeowners that were foreclosed upon.  Fiduciary responsibilities are taken seriously by the courts.
The AMI wants bond trustees to investigate the process and assure investors that mortgages bundled and sold into MBS are repurchased by the loan originators, who failed in their "fiduciary responsibilities [to] protect millions of American pensioners and retirees."
"The capacity constraints at our nation’s largest servicers continue to be an issue of great concern to investors," said Chris Katopis, executive director of the AMI. "We urge Ally, JPMorgan Chase, and all other servicers to invest the time and resources necessary to improve their operational infrastructure and to avoid situations where efficient mortgage servicing and collection practices are compromised.

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