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.
0 minute readAARP sues Wells Fargo, Fannie Mae over reverse mortgage foreclosure
August 5, 2011, 7:51pm
Liz is a career journalist, and currently a senior editor with Charles Schwab. She joined HousingWire briefly in mid-2011 though early 2012.see full bio
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Liz is a career journalist, and currently a senior editor with Charles Schwab. She joined HousingWire briefly in mid-2011 though early 2012.see full bio
