Comments on: Walnut Place LLC v. Countrywide Home Loans Inc | Bank of America Sued by Investors Seeking to Unload Loans

By: Marcy

Marcy — Fri, 25 Feb 2011 04:09:10 +0000

“Certain Modifications and Refinancings

Countrywide Home Loans will be permitted under the pooling and servicing agreement to solicit borrowers
for reductions to the Mortgage Rates of their respective Mortgage Loans. If a borrower requests such a reduction,
the master servicer will be permitted to agree to the rate reduction provided that Countrywide Home Loans
purchases the Mortgage Loan from the issuing entity immediately following the modification. Any purchase of a
mortgage loan subject to a modification will be for a price equal to 100% of the Stated Principal Balance of that
mortgage loan, plus accrued and unpaid interest on the mortgage loan up to the next Due Date at the applicable net
mortgage rate, net of any unreimbursed advances of principal and interest on the mortgage loan made by the master
servicer. Countrywide Home Loans will remit the purchase price to the master servicer for deposit into the
Certificate Account within one business day of the purchase of that mortgage loan. Purchases of mortgage loans
may occur when prevailing interest rates are below the interest rates on the mortgage loans and mortgagors request
modifications as an alternative to refinancings. Countrywide Home Loans will indemnify the issuing entity against
liability for any prohibited transactions taxes and related interest, additions or penalties incurred by any REMIC as a
result of any modification or purchase. ”

I read the above listed in the PSA. My own loan is countrywide, now BOA as servicer and BONY ( Mellon ) as Trustee /investor. I am wondering if my PSA is the same as this as far as modification rules go.

Does anyone understand what this means about modification?

It looks to me like the servicer is saying that they can modify and if they do they buy back the loan?

If that is what it means than I don’t understand how, or why they need the investors permission to modify, the whole NPV thing etc.

Does anyone understand this?

Thanks!

By: losing my home in florida

losing my home in florida — Thu, 24 Feb 2011 22:51:12 +0000

after these findings we know all trust will have identical findings. they should stop all foreclosures now. this is quite
horrible to allow this to go on when the home owner have nothing to do with fraudulent appraisers. they also didnt include how much higher the loan values were to salaries???? 4 to 5 times higher than salaries. 2 to 3 is enough all anyone can afford. that they didnt include . fraudulent loans we all new this. its comming out now while we are all losing our homes?????

By: Amy Reaux

Amy Reaux — Thu, 24 Feb 2011 18:30:42 +0000

They all need to do this…..get in contact with the homeowners. I can show how my loan was presented as a refi to look better to the investor instead of the purchase loan it was. This is so much deeper than how these were presented it goes to the REAL numbers and until they involve the homeowners they won’t have ALL the facts. Shame is they will get something for this….but the bank will still get the house and the homeowner will still be lost.