MORTGAGE LOAN COMPLIANCE®

Richard Cordray, Ohio Attorney General, has filed a lawsuit that alleges unfair loan modification agreements and faulty customer service against Barclays Capital Real Estate dba HomEq Servicing.

Filed in Montgomery County Common Pleas Court, the lawsuit alleges that at-risk homeowners "were forced to enter into one-sided agreements," that released HomEq of all liabilities requiring borrowers to waive their defense rights and pay additional fees.

"In Ohio we have zero tolerance for any more excuses," Mr. Cordray said, while stating that "many servicers" are aggravating the crisis through noncompliance and excuses.

The attorney general has so far filed at least two similar lawsuits against other companies.

A HomEq spokesperson told reporters the lawsuit is "a meritless complaint" and that HomEq will vigorously defend itself against it. "HomEq is committed to quality customer service and to working with financially distressed borrowers to help them remain in their homes," he said.

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