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Loan Modification
: Mortgage Lender Implode-o-MeterA Financial Crisis First: Plaintiffs Challenge Takeover of Thrift
By Implode-Explode Heavy Industries
"After two and a half years of failures nearly every Friday, and a pile of about 350 collapsed banks, one former management team of a shuttered thrift has decided to fight back.
The former United Western Bank, a $2 billion-asset Denver thrift, along with its holding company and key principals, became the first plaintiffs during the current financial crisis to mount a court challenge to a failure. In a lawsuit filed late last week, they claim that the Office of Thrift Supervision and Federal Deposit Insurance Corp. undermined their recovery plan and locked their doors prematurely."
Full post as published by Mortgage Lender Implode-o-Meter on February 22, 2011 (boomark / email).
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