The New York AG has secured a temporary restraining order barring the loan mod companies from collecting advance fees. The state's top cop also froze their bank accounts.
Chuck Klein, managing partner of Mortgage Banking Solutions, is engaged in roughly 12 transactions. “I think at least six of those will close,” he said.
Due diligence providers that work on MBS and ABS also will have to provide certifications to the rating services which will be disclosed on each rating issued.
Back in the 1980s, when Fannie Mae was losing $1 million a day, it contemplated selling the property and came up with a value of $10 million to $15 million. Today, it's worth much more than that.