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Da Mo'S Mortgage Action Again

2011/8/19 11:58:00 45

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According to a lawsuit document received by the federal court of New York, the Saxon mortgage service department of Morgan Stanley (Morgan Stanley) was accused of misleading the homeowner seeking help under the Home Affordable Modification Program (HAMP).

This is the third class action lawsuit Saxon has suffered since April.

Reported that this time

New York

Ranujoy and Debora Pandit, a couple who sued the company, said that they had paid thousands of dollars to the Saxon Department of Morgan Stanley and submitted all the materials needed for the HAMP plan. Saxon did not make any application for veto before receiving the payment, but began to "excuse" after receiving the money.

It is reported that the accusation against Morgan Stanley includes breach of contract terms, violation of equal credit opportunity law and violation of the New York commercial fraud act.

The lawsuit attorney Krishnan Chittur said that the current class action is expected to involve 100 thousand users of loans, and Chittur said, "people have been very disgusted with the pretext of banks. Those who are trapped in the bankruptcy of the economy are the main targets of the federal rescue plan, but they must be attacked again. This situation must end."

The HAMP plan began in February 2009 by the US Treasury and federal housing.

Finance

The Bureau has launched jointly to deal with the housing redemption crisis.

Under the plan, $75 billion will be allocated to the mortgage service providers participating in the project to help mortgage users adjust their mortgages.

Morgan Stanley's Saxon will receive $634 million in total, the report said.

appropriation

Of which $65 million 800 thousand has arrived, according to the US investigation news website ProPublica previously issued a report that Saxon has now spent only 20% of its HAMP appropriation, that is, 12 million 250 thousand US dollars, allegedly about 29 million dollars into the company, and 24 million US dollars for the investors of the company.

It is reported that this is the third class action lawsuit Saxon has suffered since April of this year.

Earlier this year, federal courts in San Francisco and Philadelphia also received similar lawsuits. Saxon was accused of illegally earning millions of dollars in the HAMP plan, but failed to fulfill the responsibility of "letting the homeowners out of financial difficulties get out of trouble."

In addition, in April and July this year, the federal court of Philadelphia and the Massachusetts court received similar class actions against Citibank mortgage services.

At the same time, Morgan Stanley agreed to pay $6 million 500 thousand to settle another lawsuit.

According to the Wall Street journal 15 reported that Morgan Stanley has agreed to pay $6 million 500 thousand to settle a series of anti trust lawsuits filed by the relevant municipal bond issuers, but the bank insists it has no responsibility. The municipal bond issuers alleged that Morgan Stanley had manipulated the tender for bonds.

Reported that New York Southern District Federal District Court judge Victor Marrero has initially approved the Morgan Stanley and the above joint litigation plaintiff commissioned a lawyer to reach a settlement on this.