This is a Good One!
St. Petersburg Times staff writer , James Thorner, reports on February 5th that an unnamed homeowner, my discretion, is suing Wachovia Bank for issuing a defective mortgage product. Let it be said and made perfectly clear that Wachovia, especially with its purchase of World Savings was a BIG player in the NO DOC marketplace. So it can be said that they took a bad position, and left themselves wide open to criticism. That being said, this is
Per Mr. Thorner;
"The Tampa Bay retiree is suing Wachovia Bank, claiming her no documentation mortgage was a defective product that ruined not just her finances but the finances of million of borrowers accross the United States."
It gets better!
"At the time of the loan, the applicant (substituted for her real name), was a partially disabled, unemployed 57 year old nurse, with no income."
This question cries out to be answered.
How, on God's earth, did she expect to make the payments?
She says the application was misleading and requested family income, even though she was the sole applicant.
I do not believe that to be the case. I think Mr. Thorner might have asked her to prove that by providing a copy of the application. That would be considered, what we used to refer to as investigative journalism, apparently a lost art.
In summation here's what your standard application states in section 9; Acknowledgement and Agreement;
Each of the undersigned specifically represents to the lender, and the lenders actual or potential agents that the information is true and correct. It does go one further to state you are subject to fine and imprisonment if it is not.
She knew it was not, period! end of discussion, right there.
And, we're all willing to bet;
that the lender did too!
Momma always told me two wrongs do not make a right!
As you may have already guessed the property is in foreclosure, BUT what you probably don't know is that;
Her husband is a retired lawyer!
Gotcha, you gotta love it.
And yes, he is preparing the paperwork for the lawsuit!
I'm almost at a loss for words, like that could happen.
Pleeeeeeeeeeeeeeeeeeeeeeeeeeeease can somebody stop this!
Is there anyway where they can both lose the case?
The defective mortgage product meets the defective applicant.
Might make a good movie, or not.
This is ridiculous!