My Co-plaintiff Bob Rivernider in Wellington, Florida sent me this case commenting on the connection between his own situation and what was revealed here in the Complaint Filed by a Title Insurance Corporation against Credit Suisse:
Insurance company lawsuit attached detailing how they were lied to to insurance a large pool of loans that are almost all in default that they had to pay the insurance on. Which means the lenders was paid off. They then foreclose sell the property and make more money, sweet deal. Until now. I expect more of these to be filed next year now that the MI companies are waking up to the fraud that the lenders were engaging in that they insured.
For Example: On my house which appraised in April 2006 for $810,000, they did a CMA which I just received in June 2006 value $695,000, US Bank bought the loan in Sept. 2006, did they know the value at the time? Where they lied to? Did they have insurance? Have they already been paid? Is my loan paid off already by an MI company?
See the comments about New Century and how they would not insure New Century loans. It was New Century who sold my loan to US Bank.