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Loan Modification

: Mortgage Lender Implode-o-Meter

Countrywide's Mortgage Document Errors May Doom Bank of America

By Implode-Explode Heavy Industries

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``As first reported by Kate Berry for American Banker, Linda DiMartini, a supervisor and operational team leader for the Litigation Management Department of BAC Home Loans Servicing, testified in the foreclosure case of John T. Kemp that it was "customary for Countrywide to maintain possession of the original note and related documents." If that's true, then Bank of America may discover that it has millions of loans on its books that it thought it had transferred to trusts that issued mortgage backed securities, because 96% of Countrywide loans were ostensibly securitized.''

Full post as published by Mortgage Lender Implode-o-Meter on November 24, 2010 (boomark / email).

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