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Class Action Complaint Filed Against EMC Mortgage and The Bear Stearns Companies

Seattle, WA: A class action lawsuit has been filed on behalf of all mortgagors in the State of Washington whose home mortgage loans are serviced by EMC Mortgage Corporation and who (a) have attempted to obtain modifications of their loan terms from EMC; and (b) have made payments pursuant to a "Repayment Agreement," a Home Affordable Modification Program ("HAMP") trial modification plan, or any other temporary modification plan.

The complaint alleges, among other things, that the Defendants: engaged in bad faith as to home mortgage loan modification negotiations; led mortgagors to reasonably believe and rely on Defendants' representations that they would permanently modify their mortgage loans upon successful completion of "Repayment Agreements" or other trial programs; charged unreasonable, unlawful, or excessive fees; failed to properly disclose and/or concealed fees and other charges; failed to provide to mortgagors a proper or comprehensible accounting of fees, payments, credits, arrearages, and amounts owed; improperly or under-applied mortgage payments to accounts; and breached "Repayment Agreements" or other trial modification program contracts or promises.

The complaint has been filed pursuant to the Washington Consumer Protection Act and contains additional claims for breach of contract, breach of the duty of good faith and fair dealing, promissory estoppel, and unjust enrichment.

EMC Mortgage Corp. and The Bear Stearns Class Action Legal Help

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Last updated on Jan-11-11