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RTC takes mortgage firm to court. (Resolution Trust Corp., South Coast Mortgage Service Co.) (Special Report: Residential Real Estate)
RTC takes mortgage firm to court
The Resolution Trust Corp., acting as receiver for a Missouri thrift, filed a lawsuit against a local mortgage company alleging it has refused to buy back more than $1 million in bad loans.
Officials with the RTC filed the suit in U.S. District Court in San Antonio last month, against local South Coast Mortgage Service Co., formerly known as General Mortgage Co. and North American Mortgage Co.
Filed on Sept. 3, the lawsuit contends that South Coast Mortgage Co. violated a contract with Missouri Savings Association which called for the mortgage company to repurchase certain foreclosed loans.
The agreement made …
