07 January 2013
KingCast, Mortgage Movies and Lorayne Souders review the $11.6B Fannie Mae v. Bank of America settlement and First Amended Complaint in Souders v. BoA Central Dist. PA 12-CV-01074.
WASHINGTON: Bank of America said on Monday it would pay $11.6 billion to settle claims on soured loans sold to government-backed mortgage finance giant Fannie Mae during the home price bubble. Under the agreements, Bank of America Corp. said it would pay $3.55 billion in cash to Fannie Mae and repurchase for $6.75 billion some residential mortgage loans it had sold to the government-controlled firm.
In addition, Bank of America will pay $1.3 billion to address mortgage servicing issues, Fannie Mae said in a separate statement. "A favorable resolution of this long-standing dispute between Fannie Mae and Bank of America is in the best interest of taxpayers," said Bradley Lerman, Fannie Mae executive vice president. Fannie Mae said the deal would compensate it for actual and projected losses resulting from the loans. The loans had been bundled into mortgage-backed securities and bought by the finance giant over 2000-2008, but had not met its underwriting standards.
Unbelievable. And you know this entire collapse was planned, right. Meanwhile I will be posting Lorayne Souder's First Amended Complaint in her case against BoA. Smelling a rat, she went after them for information about her account and they sua sponte accelerated her and moved to foreclose. She was right about the rat, as the top moive indicates that robo-signer Michelle Sjolander was involved with her "loan." Along the way they removed to Federal Court and lied about the day, date and time that they received her First Complaint. Meanwhile Bank of New York/Mellon filed a bogus foreclosure and then released it, and nobody seems to know who had any interest in this, just watch: Lorayne Souders v. Bank of America (Central Dist. PA 12-CV-01074 First Amended Complaint