|
|
Article: ResCap suing brokers who originated bad mortgage loans; The Bloomington-based warehouse lender alleges that defendants misrepresented data on borrowers and should buy back the troubled loans.(BUSINESS)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- August 10, 2008
- Author:
-
|
Copyright informationCOPYRIGHT 2008 Star Tribune Co. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: DAVID PHELPS; STAFF WRITER
A division of ResCap, the embattled mortgage-finance arm of GMAC Financial Services, is fighting back in the home-lending credit crisis.
The Bloomington-based investor has filed more than a dozen federal lawsuits in Minnesota against mortgage companies, claiming that they failed to do adequate due diligence on borrowers and provided inaccurate information about the financial wherewithal of loan applicants.
ResCap, through its Residential Funding Co. unit, is seeking millions of dollars for nonperforming loans that it financed from mortgage brokers around the nation.
Securities and real estate experts expect more lawsuits to ...
Related newspaper, magazine, and journal articles:
|
|
Article: Satellite-Systems Firm Causes Real-Estate Frenzy in St. Paul, Minn..
Knight Ridder/Tribune Business News;
December 5, 1999 ;
700+ words
......000 square feet of Twin Cities commercial office...the blue jolted the Twin Cities commercial office market. Commercial real estate brokers scurried to...disappeared from the Twin Cities skyline. It turned...for theft. Dozens of real estate brokers, ...
|
|