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Investor Sues CFC over Mods.
Byline: Brian Collins
Washington-Servicers have been looking over their shoulders all year, expecting investors to sue if they go too far in modifying securitized mortgages - and it has finally happened.
An investment fund manager filed a class-action lawsuit on Dec. 1 to challenge a major loan modification program involving 400,000 Countrywide mortgages.
William Frey, president of Greenwich Financial Services in Connecticut, says he wants to make sure the mortgage-backed securities investors aren't stuck with the losses and to enforce the servicing contracts.
He contends that Countrywide must purchase the loans out of the securitized trust at par if they are slated for modification. There is "no contractual ability" for Countrywide to modify the loans and keep them in the trusts, he said in an interview.
The plaintiffs, Greenwich Financial Services Distressed Mortgage Fund 3 LLC and QED LLC, filed the class-action lawsuit in a New York State Court.
The complaint points out that Bank of America's settlement with state attorneys general could lead to the modification of $80 billion in Countrywide loans, which would reduce payments to investors by $8.4 billion and reduce the value of the MBS certificates by billions of dollars.
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Source: HighBeam Research, Investor Sues CFC over Mods.