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Mortgage servicer sues 12 lenders over bad loans
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Residential Capital LLC (ResCap) filed lawsuits against Bank of America and 11 other mortgage lenders who ResCap claims sold the mortgage servicer bad loans that resulted in the company going bankrupt two years ago.
The real estate finance company filed 12 similar lawsuits with the U.S. Bankruptcy Court in Manhattan on May 13 against Bank of America, Summit Financial, Synovus Mortgage Corp., Primary Capital Advisors, Cadence Bank, Mortgage Investors Group, Honor Bank, First Mariner Bank, CMG Mortgage, Citizens First Wholesale Mortgage, RBC Mortgage Co. and PHH Mortgage Corp.
The lawsuits are based on ResCap’s claim that the lenders failed to properly collect and assess borrowers’ personal and financial information to adequately confirm loan recipients’ ability to repay the loans issued to them.
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