According to sources that are fairly accurate, the residence that Wells Fargo and B of A had claimed they either had an equitable mortgage on, or some kind of lien against the residential property— was NOT owned by either, but was owned by Fannie Mae?
We are not 100% sure if the story below is the actual case, BUT there supposedly is a case where B of A agreed to pay Fannie Mae some huge amount. And supposedly in that case, was the residence that Wells Fargo claimed IT either owned or had equitable lien or mortgage to (in securitized trust) AND Wells Fargo not only used a “Receiver” to kick out the horse owner, it did far worse than that………………….horse owner (without any animals of course) was allowed to return to the property yesterday, July 1, 2014 after State Court Judge ended the Receiver’s reign. Too bad it took 3 years. And let’s not forget, Wells Fargo attorneys may have used the desktop (they called it that) to simply make docs which were not genuine. Duh, no surprise there.
Yesterday, Bank of America said it agreed to a $9.5 billion settlement over claims tied to faulty mortgages and boosted its dividend for the first time since 2007 in its latest steps to put the financial crisis behind it.
The lender will pay $6.3 billion in cash to Fannie Mae (FNMA) and Freddie Mac to resolve lawsuits claiming it misrepresented loans packaged into bonds that were bought by the U.S.-owned mortgage firms, it said in a statement. The company also said it will buy back about $3.2 billion of mortgage bonds from the firms.
Chief Executive Officer Brian T. Moynihan has spent more than $50 billion to resolve claims related to shoddy mortgages, most tied to Lewis’s 2008 purchase of Countrywide Financial Corp. The firm also said yesterday it will quintuple its quarterly dividend to 5 cents a share and repurchase $4 billion of stock after the Federal Reserve approved the lender’s capital plan.