No doubt in my mind Fannie thought it could usurp HAMP rules just like it did Rule 17. Maybe Fannie & Freddie will also be bought by the NYSE owned by ICE.
Modification Fraud or breach of Contract — even when the “offer” of modification is illusory. This is typical bait and switch practice in the industry. the homeowner thinks they are in a modification when Chase was merely dragging “trial payments” out of her.
Rescission counts, although the court states that the homeowner must raise it in her pleadings against Chase.
- It boils down to this. With its March 1, 2010 letter, Chase deceptively enticed and invited Oskoui into a process with the demonstrably false promise that a loan modification was within her reach if she were to make three monthly payments of $2,988.49 each. The next day – and for the first time – Chase eliminated a HAMP modification from its menu, but neither advised Oskoui what the CHAMP Guidelines required nor suspended additional payments until it could determine her CHAMP eligibility. Chase now says in its brief that the…
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