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Real Estate & Property Law

: The Home Equity Theft Reporter

Lender Knowingly Wrote Millions Of Dollars In Crappy Loans, Abandoning Prudent Underwriting Standards, Says Mortgage Insurer In Lawsuit

By r morris

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In Los Angeles, California, Courthouse News Service reports:MBIA Insurance Corp. says IndyMac Bank knowingly loaned millions of dollars to borrowers who could not afford to repay the loans, leaving the stock insurance company to pay out more than $487 million on its guarantees with an expected $566 million more to come, MBIA claims in Superior Court.(1)MBIA says IndyMac "abandoned any reasonable

Full post as published by The Home Equity Theft Reporter on September 25, 2009 (boomark / email).

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