Mortgage Banking Solutions of Texas is launching a new service to help residential lenders fight loan buyback requests.
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The Woodway-based firm has hired attorney Tony Musgrave to spearhead the effort. "His goal will be to assist lenders in fighting repurchases," said MBS managing partner Chuck Klein.
"Right now the industry has two main problems: the GSEs and the MI firms," said Klein. "We will work on both matters."
Over the past two years Fannie Mae and Freddie Mac have forced seller/servicers to repurchase billions of dollars of troubled loans, some of which are not even in default. Lenders have complained about the requests, saying they come months, if not years after the representations and warranties expired.
