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Home » Store » Taxable » U.S. Bank Case Raises Due Diligence Issues

U.S. Bank Case Raises Due Diligence Issues

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Reliance on an originating seller’s written guarantee that mortgage loans on the selling block comply with state laws may not be enough to ease assignee liability, as U.S. Bank has discovered. Seeking to avoid a costlier, protracted class action lawsuit, U.S. Bank N.A., agreed to pay up to $20 million to settle charges that it facilitated predatory lending by purchasing loans with abusive features in the secondary market.
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