Saxon Mortgage watchdog ready for complaints

A website dedicated exclusively to watching Saxon Mortgage, a mortgage servicer owned by Morgan Stanley, claims to be ready for a flood of complaints. “Unlike other web sites that receive complaints about many companies, we are specialized,” said a programmer for Saxon Mortgage Watch.

Continue reading Saxon Mortgage watchdog ready for complaints

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 settlement totaling $475 million in cash. The other suit was brought by employees, and was settled for $75 million.

Continue reading Cleanup underway in subprime houses

Shady lenders take note of mortgage relief injunction

A state court helped subprime borrowers and homeowners with onerous mortgages, including Alt-A and jumbo mortgages. The help probably did more than restructuring and individual loan modifications have done thus far. This may mean real relief, rather than what we have seen from many mortgage companies. Just putting the past due amount on the end of a loan is not much help at all.

Continue reading Shady lenders take note of mortgage relief injunction