Mortgage Investors Zeroing in on Subprime Lender

 

Mortgage investors zeroing in on subprime lender

(Reuters) – A group of mortgage bond investors is reaching out for help in a novel bid to force H&R Block Inc’s defunct subprime lending unit to buy back billions of dollars in soured mortgages, the group’s lawyer said on Monday.

The plea to other bond investors may hasten the laborious task of gathering the numbers needed to demand accountability for faulty loans pooled into investments — mortgage-related securities that plummeted in value and helped trigger the worst financial crisis since the 1930s.

The investors, in a new tactic, are issuing a general call to others holding securities backed by loans originated by Option One Mortgage, a top 10 subprime lender during the housing boom, said Talcott Franklin, the Dallas-based lawyer spearheading the effort.

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Comments
10 Responses to “Mortgage Investors Zeroing in on Subprime Lender”
  1. Fury says:

    people with perfect credit ratings were corralled into “subprime” loans.
    my family is proof.

    it is a scam. all of it.

    let’s s top pretending that millions of homeowners were “deadbeats.”

    it is a farce.
    it is meant to obscure the whole massive ponzi scheme.

    it starts w/ the shepherding of people into predatory loans.

    fraud in the origination.
    fraud in the foreclosure.

    it is despicable, morally reprehensible and criminal.

    they owe us!

  2. Me and Me Too says:

    They should all choke to ———–

  3. JIm Bethea says:

    You would assume by H&Rs advertisements that they would be smart enough to know that they were dealing worthless backed paper………..Oh I forgot Bank of Am, Chase, Citi, Countrywide and all of the other big ones have forgotten that they were dealing in fraudulent papers and BIG PROFITFS…….

  4. angry & NOT TAKING IT says:

    fwiw-my enemies enemy is not necessarily my friend..

  5. Bust them! says:

    Simple refinancing at a current valuation and interest rate, where the home owner can qualify should make this a lot easier on everybody!

    • l vent says:

      Maybe for those who don’t know about the massive fraud that will work and are underwater. For all of the rest of us who know the TRUTH, or have already lost their home to fraudclosure I say, give the homes back with a large monetary restitution and the rest of us that know the truth and have been fighting this TYRANNY FOR LAST 2 OR BETTER YEARS, the hyper-inflated property taxes and the hyper-inflated cost of everything involved with home ownership is more than enought to pay for all of us who have been through HELL because of what these CRIMINAL BASTARDS DID.

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