countrywide: Wrongful Military Foreclosure Cases
- 06/01/11 02:59 PM
Unfortunately, only subsidiaries of Bank of America Corp. and Morgan Stanley will pay more than $22 million to settle allegations that the banks wrongully foreclosed on almost 200 active-duty military service personnel, the Department of Justice (DOJ) said last Thursday. Countrywide, now part of Bank of America (!) and Saxon Mortgage Services, a subsidiary of Morgan Stanley will have to repair any negative credit-report entries on those same foreclosures or near-foreclosures. According to the DOJ, those banks and their subsidiaries ordered foreclosure on these military personnel without first obtaining court orders. Don't you think they would have learned their lessons from … (4 comments)
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Unfortunately, only subsidiaries of Bank of America Corp. and Morgan Stanley will pay more than $22 million to settle allegations that the banks wrongully foreclosed on almost 200 active-duty military service personnel, the Department of Justice (DOJ) said last Thursday.
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