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What you need to know about what some are calling “liquid gold.”
In April 2015, a federal judge granted final approval of a $10 million settlement of a class-action lawsuit against BrooksAmerica Mortgage Corp., Washington Mutual Mortgage Securities Corp., WaMu Asset Acceptance Corp., Residential Funding Company, LLC. The complaint alleged that loan documents and disclosure statements for the Option Adjustable Rate Mortgage (“Option ARM”) failed to disclose and concealed important information. Among other things, the complaint alleged that:
According to the settlement terms, the amount paid to class members varies based on several factors, including the original loan balance and the length of time that the company owned the loan. Each class member is estimated to receive between $239 and $716. (Peel et al v. BrooksAmerica Mortgage Corp. et al, Case No. 11-cv-79, C. D. CA.)
For more information about the marketing of loans and TINA.org’s coverage of the topic, click here.
What you need to know about what some are calling “liquid gold.”
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