And here is the punchline that will make old uncle Warren just a few billion bucks poorer:
If attempts to refute the demand or MI rescission are unsuccessful, Wells Fargo will be obligated to repurchase the loan from the investor or accept the MI rescission. Likewise, Wells Fargo will issue a demand to the Seller for the repurchase of the mortgage loan pursuant to the provisions of the Loan Purchase Agreement or reimbursement for costs and expenses, if applicable.
Readers can be confident that over the weekend loan investors and mortgage insurers have received identical letters from all other banks as well. The next step: an attempt by every single mortgage investor and insurance company to get every single mortgage repruchased by the originating company on grounds of robosigning fraud.
The banks had their party of a lifetime, and now the terminal morning after hangover has commenced.
And as the letter highlights, all those who may have questions about this particular suicide process, are encouraged to write to IRMRepurchaseResponses@wellsfargo.com.
Join us on our
Share this page with your friends
on your favorite social network: