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Follow on Google News | Mortgage Loan Compliance | FDIC Sued For $10 Billion In Bad LoansMortgage Loan Compliance® | The Forensic Loan Audit Company www.ml-compliance.com
By: Customer Service Now a federal judge has ruled that the Federal Deposit Insurance Corp must face a $10 billion lawsuit tied to the failure of Washington Mutual Bank. The judge refused the FDIC’s request to dismiss the lawsuit files by Deutsche Bank National Trust Co over bad mortgages that were securitized by Washington Mutual. The Deutsche Bank unit filed its lawsuit in 2009 arguing that loans that were pooled into mortgage bonds did not meet the underwriting standards that had been promised by WaMu, causing investors to lose billions of dollars. A Senate committee report this year said WaMu’s mortgage securitization was “polluting the financial system” with bad home loans and partly to blame for the 2008 financial crisis. The FDIC argued it should be dismissed from the lawsuit and Deutsche Bank should bring its claims against JPMorgan, which assumed WaMu’s liabilities as well as assets. _______________________ Mortgage Loan Compliance® | The Forensic Loan Audit Company Get The Facts, Audit Your Loan, Sue Your Lender and Protect Your Rights! Call Today 1-866-966-6615 or Visit www.ml-compliance.com # # # Mortgage Loan Compliance® is the industry leading Forensic Loan Auditing Firm specializing in comprehensive pre-close and post-close Mortgage Audits. We guarantee fast, but realistic and honest audit reporting. Get the facts on your loan and protect your rights. Call for a free consultation 866-966-6615 or visit us online www.ml-compliance.com End
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