“The buyer did exactly what the contract allowed it to do, namely, determine that a loan was defective and demand repurchase,” Judge Wollman wrote in his ruling.
The new approach is expected to be a more cost-effective route than going through the repeated repurchase requests that have plagued lenders over the years.
The share of home-purchase transactions that closed on time in November declined compared with October for all six loan types tracked by HousingPulse...