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Consider the potential for mischief when a mortgage servicer administers a loan owned by an investor.
The complaint was based on a report by the inspector general of the Federal Deposit Insurance Corporation focusing on Mrs. Clinton's actions for the savings and loan owned by her Whitewater partners, James and Susan McDougal.
To be eligible for the principal reductions, however, homeowners will have to meet certain criteria, including: having a loan owned or serviced by Bank of America; owing more on the mortgage than their property is worth; and being at least 60 days behind on payments as of the end of January.
Since then, the state attorneys general who negotiated the deal have repeatedly criticized DeMarco for refusing to allow the five banks involved -- Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial -- to write down any loan owned or controlled by Fannie Mae or Freddie Mac.
Similar(56)
When a bank or a savings and loan owns all of a mortgage, it can, in theory, work with borrowers to modify loan terms.
(Only loans owned or backed by Fannie Mae and Freddie Mac would qualify).
The program applies to loans owned or guaranteed by Fannie Mae or Freddie Mac.
The foreclosure rate on loans owned by Fannie Mae is about 1.72percentt.
As a result, the nonperforming loans owned by the asset management companies are nearly worthless.
Workout specialists restructure loans owned by commercial entities like banks, private equity funds and corporations.
The changes will not apply to loans owned or guaranteed by the big mortgage companies Freddie Mac and Fannie Mae, which account for roughly half of all mortgages.
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CEO of Professional Science Editing for Scientists @ prosciediting.com