Chances are your mortgage lender may be involved in a Federal lawsuit that was recently announced. The government backed institutions Fannie Mae and Freddie Mac are stating that they the loans were misrepresented and the borrowers would not be able to pay back their loan. The financial institutions names in a lawsuit by the Federal Housing Financing Agency representing Fannie Mae and Freddie Mac:
1. Ally Financial Inc. f/k/a GMAC, LLC
2. Bank of America Corporation
3. Barclays Bank PLC
4. Citigroup, Inc.
5. Countrywide Financial Corporation
6. Credit Suisse Holdings (USA), Inc.
7. Deutsche Bank AG
8. First Horizon National Corporation
9. General Electric Company
10. Goldman Sachs & Co.
11. HSBC North America Holdings, Inc.
12. JPMorgan Chase & Co.
13. Merrill Lynch & Co. / First Franklin Financial Corp.
14. Morgan Stanley
15. Nomura Holding America Inc.
16. The Royal Bank of Scotland Group PLC
17. Société Générale
So what does that mean to you as the borrower?
Nothing yet, so it is best to continue paying your monthly mortgage payment as agreed. Your agreement with a lender is separate and you are held liable to the terms and agreement. Every homeowner has a different situation that needs specific advice, so I can help with questions. If you need assistance in a short sale or loan modification, please contact me at 831.635.6719 your CDPE Realtor.