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Surviving Foreclosure

Wilshire Credit Corp.’s servicer quality ratings for first lien subprime mortgages was downgraded…

http://www.mortgagedaily.com/?spcode=rss

Wilshire Credit Corp.’s servicer quality ratings for first lien subprime mortgages was downgraded to SQ2- from SQ2+ by Moody’s Investors Service, a news release today said.

Servicers are rated on a scale where SQ1+ is the best possible rating and SQ5- is the worst. (Dec. 23)

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December 30, 2009 Posted by | Wilshire Credit Corporation | 1 Comment

IBM Corporation Announces Agreement To Acquire Wilshire Credit Corporation Assets From Bank of America Corporation

IBM Corporation Announces Agreement To Acquire Wilshire Credit Corporation Assets From Bank of America Corporation
October 5, 2009
IBM Corporation announced that its mortgage servicing subsidiary has signed an agreement with Bank of America Corporation to acquire the core operating assets of Wilshire Credit Corporation, including the Wilshire mortgage servicing platform, and hire Wilshire’s approximately 900 employees. Terms of the transaction were not disclosed. Wilshire’s operating assets will become part of IBM’s Lender Business Process Services, Inc. business unit, a wholly-owned subsidiary  of the IBM Corporation. Terms of the deals were not disclosed.

December 30, 2009 Posted by | Wilshire Credit Corporation | 1 Comment

Wilshire being sued in California Eastern District Court

Saldate, Jr. v. Wilshire Credit Corporation et al

Plaintiff: George A. Saldate, Jr.
Defendant: Wilshire Credit Corporation, WMC Mortgage Corporation, Quality Loan Service Corporation, Mortgage Electronic Registration Systems, Inc., Wells Fargo Bank, N.A., Valley Wide Home Loans, Craig H. Barton and Norfilia Garza
 
Case Number: 1:2009at00936
Filed: December 1, 2009
 
Court: California Eastern District Court
Office: Fresno Office [ Court Info ]
County: Fresno
 
Nature of Suit: Contract – Negotiable Instrument
Cause: 15:1601 Truth in Lending
Jurisdiction: Federal Question
Jury Demanded By: Plaintiff

Access additional case information on PACER

Use the links below to access additional information about this case on the US Court’s PACER system. A subscription to PACER is required.

December 30, 2009 Posted by | Forclosure Lawsuits, Wilshire Credit Corporation | Leave a comment

Wilshire and Fremont Investment & Loan is being sued….

Here are current lawsuits in various district courts throughout the courtry:

http://dockets.justia.com/docket/court-mddce/case_no-8:2009cv02184/case_id-171077/

Asafo-Adjei v. First Savings Mortgage Corp et al

Plaintiff: Kwame Asafo-Adjei
Defendant: First Savings Mortgage Corp, Andrew MacTigue, George Bonney, Hal J. Epstein, Homecomings Financal and Wilshire Credit Corporation
 
Case Number: 8:2009cv02184
Filed: August 20, 2009
 
Court: Maryland District Court
Office: Greenbelt Office [ Court Info ]
County: Montgomery
Presiding Judge: Judge Roger W Titus
 
Nature of Suit: Other Statutes – Consumer Credit
Cause: 28:1441 Petition for Removal – Fair Credit Reporti
Jurisdiction: Federal Question
Jury Demanded By: Plaintiff
Amount Demanded: $9,999,000.00

December 24, 2009 Posted by | Uncategorized | Leave a comment

HR 3149 Aims to end the use of Credit Reports in Hiring

HR 3149 Aims to end the use of Credit Reports in Hiring.

NAACP endorses this Bill – H.R. 3149

December 20, 2009 Posted by | Rebuilding Credit after Foreclosure | Leave a comment

Wilshire’s Response (redacted)

Enclosed is a redact copy of Wilshire’s response to my letter listing violations identified in my closing files.  They simply respond by we’re not the originator – they are the servicer.  Doesn’t the servicer share liablity for servicing  a bad loan?  Fremont Investment & Loan is the originator.

10122009 redacted Wilshire response to violations letter

December 18, 2009 Posted by | Wilshire Credit Corporation | Leave a comment

Violations Letter to Wilshire

I paid for an audit of my mortgage closing files.  Several violations were identified.  I also requested a true certified copy of the original Promissory Note with signatures.  I was not provided with it.  I will post Wilshire’s redacted letter in response. 

Attached is a redacted copy of  the letter sent via certified letter listing the violations identified and the request for the original Promissory Note.

09252009 Violations redacted letter to Wilshire

December 18, 2009 Posted by | Wilshire Credit Corporation | Leave a comment

Acting Chairman Stuart J. Ishimaru

Acting Chairman Stuart J. Ishimaru.

December 14, 2009 Posted by | Rebuilding Credit after Foreclosure, Unemployment | Leave a comment

December 11, 2009 Posted by | Forclosure Lawsuits, Fremont Investment & Loan, News | Leave a comment

Fremont sued over its lending practices

Fremont sued over its lending practices.

December 11, 2009 Posted by | Forclosure Lawsuits, Fremont Investment & Loan, News | Leave a comment