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NJ Supreme Court: If Borrower Abides By Terms Of Settlement Agreement, Lender Must Modify Mortgage

Homeowners in California need a decision like this from the California Supreme Court.

Livinglies's Weblog

BlogPete’s Take

 http://www.lexology.com/library/detail.aspx?g=06b8e212-01e0-4a00-aacf-87b6af32b34d
USA August 1 2017

Lawsuits arising out of foreclosures and mortgage modifications are common. (Even more common than lawsuits about gyms or health clubs if you can believe that.) Nearly every day there is a decision from the Appellate Division arising out of a residential foreclosure. Most of these fall into the same category — borrower defaults and loses home through foreclosure then challenges lender’s standing to foreclose after the fact — but some are more interesting. That was the case with GMAC Mortgage, LLC v. Willoughby, a decision released yesterday by the New Jersey Supreme Court involving a mortgage modification agreement entered into to settle a foreclosure lawsuit.

Almost two years ago, I wrote a post about Arias v. Elite Mortgage, a lawsuit over the alleged breach of a mortgage modification agreements. In that case, borrowers entered into…

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David Dayen: Give Wells Fargo the Corporate Death Penalty

Livinglies's Weblog

https://newrepublic.com/article/144144/give-wells-fargo-corporate-death-penalty

Give Wells Fargo the Corporate Death Penalty

The bank is a serial corporate criminal that has screwed over millions of Americans. Here’s what the government should do about it.

Wells Fargo continues to tangle itself in scandal. Last week, the bank admitted it forced redundant car insurance on more than 800,000 car-loan borrowers, earning the company $73 million in ill-gotten gains while causing a quarter-million delinquencies and 25,000 wrongful auto repossessions. This comes as Wells tries to manage the fallout of its 2016 fake account scandal, where it generated 3.5 million unauthorized accounts to meet high sales goals. In the past month, Wells has also been accused of secretly changing the loan terms of mortgage borrowers in bankruptcy, falsifying records to charge mortgage applicants for its own delays in application processing, and stealing from mortgage bond investors to pay legal fees in lawsuits…

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