AARP’s legal battle against wrongful reverse mortgage foreclosures has shifted from government regulators to lenders. The AARP Foundation Litigation unit filed a class action lawsuit yesterday against Wells Fargo Bank and the Federal National Mortgage Association (Fannie Mae), charging that they failed to allow surviving spouses and heirs of reverse mortgage borrowers to purchase the property for the appraised value after loans came due — typically after the borrower’s death.
AARP sues Wells Fargo, Fannie Mae over reverse mortgage foreclosure
Most Popular Articles
Latest Articles
Mortgage groups push FHA for loss mitigation extension
In November, the FHA proposed updates to its permanent loss-mitigation options based on lessons from the COVID-19 temporary policies.
-
What it’s like connecting reverse mortgage professionals with forward lending partners
-
Rocket’s counterpunch: Calling Out HUD and the DOJ
-
Natural disasters push mortgage delinquencies to three-year high
-
RE/MAX wants to be the place that new agents thrive
-
Safeguarding sensitive data: Essential practices for businesses
