Getting to what you really want to know in one second, I decided to put part of the agreement through Google translate. Let's try this sentence:
"Covered Conduct includes the administration of RMBS and CDOs identified in Annex 4, attached hereto and hereby incorporated, as of the Execution Date, to the extent such administration relates to any actions or inactions with respect to representation and warranties or the cure, substitution, or repurchase (or failure to do or seek any of the same) of residential mortgage loans."
Google translate assures me it is English.
Is it any wonder that borrowers got themselves into trouble in the 2000s? The settlement stems from the housing bubble, when lenders approved loans they shouldn't have and then sold them to investors as if they were safe. Home owners soon defaulted. The economy crashed. Home values declined.
Six years later,
Of course, B of A couldn't resist getting in a dig. In its Frequently Asked Questions, it asks: "Does a principal reduction affect my credit rating?" Its answer: "There most likely will be an impact on your credit rating."
A.) I have a hard time believing this is a frequently asked question. And, B.) Is the impact on your credit rating worse than defaulting on your mortgage?
B of A says "learn more about the potential impact on your credit" and provides a hyperlink to the
If you are a
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