Two Countrywide mortgage servicing companies will pay $108 million to settle Federal Trade Commission charges that they collected excessive fees from cash-strapped borrowers who were struggling to keep their homes. The $108 million represents one of the largest judgments imposed in an FTC case, and the largest mortgage servicing case. It will be used to reimburse overcharged homeowners whose lo

Use this letter as a defense to foreclosure by arguing that it creates a condition precedent to foreclosing.  The borrower should argue that they are a third party intended beneficiary of the contract between the lender and HUD.  This applies to FHA loans, Freddie and Fannie offer similar guidelines under Volume 2b, Exhibit 57a (Oct. 6, 2006) and Part III Sec. 303, respectfully. &