Monday, October 18, 2010

MERS Mess (Kinda) Landslide Begins

Again, not technically MERS.

But it's close enough.

Today, the holders of over 25% of the Voting Rights in more than $47 billion of Countrywide-issued RMBS sent a Notice of Non-Performance (Notice) to Countrywide Home Loan Servicing, as Master Servicer ("Countrywide Servicing"), and to Bank of New York, as Trustee, identifying specific covenants in 115 Pooling and Servicing Agreements (PSAs) that the Holders allege Countrywide Servicing has failed to perform.

Countrywide is now part of Bank of America.

They demanded that BofA eat the loans not in compliance with underwriting guidelines AND eat the costs of modifying 'predatory' loans.

Plus they should get their paperwork straight.

HT: Ticker

1 comment:

Tim Morrissey said...

Gee, they may be too big to fail...