The concept that lenders need to have systems in place to affirmatively detect and redress problems before consumers are affected is very real and lenders should ensure their systems are up to the task.
Morgan Stanley said New York Attorney General Eric Schneiderman intends to sue the company, alleging it misrepresented or omitted information when underwriting 30 subprime securitizations.
Embattled mortgage servicer Ocwen Financial faces up to $26 billion in damage claims by bondholders and a greater risk of being fired as a mortgage servicer on thousands of small, private-label trusts.
Having the extra time for implementation has been helpful because mortgage companies were experiencing difficulties meeting the first deadline for the change in procedure, which affects government-insured reverse mortgages.
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