Investor Sues Nationstar Over Barred Mortgage Auctions

Law360, New York (March 7, 2013, 5:56 PM EST) -- An investor in mortgage-backed securities on Thursday sued Nationstar Mortgage Holdings Inc. in New York state court, alleging that the servicer has been selling off mortgages in those securities at fire-sale prices in violation of its duties as the master servicer to those home loans.

In a suit filed in New York State Supreme Court, KIRP LLC said that Nationstar has been auctioning off defaulted mortgages that are included in six mortgage-backed securities backed by Residential Accredit Loans Inc. for as little as half of their...
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