E-Mail 'Bondholders Considering Plan to Tell Servicers: "You're Fired!"' To A Friend

Email a copy of 'Bondholders Considering Plan to Tell Servicers: "You're Fired!"' to a friend

* Required Field






Separate multiple entries with a comma. Maximum 5 entries.



Separate multiple entries with a comma. Maximum 5 entries.


E-Mail Image Verification

Loading ... Loading ...
  • http://Anonymousnoreply@blogger.com Anonymous

    >What impace will all of this have on Mortage Servicing Rights? Will the Servicers be entitled to full reimbursement of Servicer Advances if it is shown that they did not service properly? If an original Servicer is fired for cause is the replacement Service and/or Trustee required to repay all advances?In a Bloomberg article dated Oct 22, 2010 is says that 4 banks control 56% of the Mortgage Servicing:Bank of America $17.5bnJP Morgan $13.6bnWells Fargo $14.5bnCitigroup $ 6.2bntotal $51.8bnThe Bank of America Q3 results say that revenue in Home Loans and Insurance "increased 10 percent largely due to higher mortgage banking income primarily driven by improved mortgage servicing rights results". At the same time they reduce provisions for credit losses. Weird times

  • http://www.blogger.com/profile/11501168638041947453 Isaac Gradman

    >Theoretically, if it is found that Servicers did not service properly, the Trust (i.e., investors) would be entitled to damages based on the excess expense incurred as a result of this conduct. The original Servicer would likely still be able to recoup any advances it made to the Trust, subject to a reduction for excessive advances based on improperly accounting for costs or dragging out the foreclosure process. If a new Servicer was brought in, that Servicer would then be responsible for advancing payments to the Trust, but again would be entitled to recoup those advances off the top of the proceeds of any foreclosure.