Mortgage Servicers

Colonial Savings Couldn’t care Sweet FA about Maintaining Flood Insurance for Home Loans

The image above shows that Colonial Savings FA, bought Mortgage Servicing rights from loans after the financial collapse in 2008. It paid a shocking 4.75% of the Book value of the purchased loans. e.g. $44k for  $930k  worth of mortgage servicing rights.The OCC has released a Stipulation and Consent Order issued to Colonial Savings, Federal Association, Fort Worth, Texas, ordering Colonial to pay a Civil Money Penalty of $87,500 to the National Flood Insurance Program,

The OCC has released a Stipulation and Consent Order issued to Colonial Savings, Federal Association, Fort Worth, Texas, ordering Colonial to pay a Civil Money Penalty of $87,500 to the National Flood Insurance Program, because of a “pattern or practice of failing to ensure the timely notification and force-placement of the requisite amounts of flood insurance on property securing loans in a special flood hazard area in which flood insurance is available under the National Flood Insurance Act ….”

The image above shows that Colonial Savings FA, bought Mortgage Servicing rights from FDIC after the financial collapse in 2008. It paid a shocking 4.75% of the Book value of the purchased loans. e.g. $44k for  $930k  worth of mortgage servicing rights.

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Laws In Texas is a blog about the Financial Crisis and how the banks and government are colluding against the citizens and homeowners of the State of Texas and relying on a system of #FakeDocs and post-crisis legal precedents, specially created by the Court of Appeals for the Fifth Circuit to foreclose on homeowners around this great State. We are not lawyers. We do not offer legal advice. We are citizens of the State of Texas who have spent a decade in the court system in Texas and have been party to during this period to the good, the bad and the very ugly.

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