Monday, December 07, 2015

Court Rejects Bankster's Request For New Trial Or Verdict Reduction; Leaves It On The Hook For $2 Million Jury Award For Refusing To Abide By Loan Mod Agreement Negotiated Prior To Acquiring Mortgage Loan

In Chicago, Illinois, the Cook County Record reports:
  • A debt collection company will not get a new trial or any reduction in a $2 million verdict it was ordered to pay to a woman who fended off a foreclosure action brought by the collector and who then sued the collector for improperly refusing to abide by a loan modification agreement the woman had negotiated with the FDIC before the collector purchased her debt.

    On Dec. 3, U.S. District Judge Thomas M. Durkin denied requests for post-trial motions made by Fort Worth, Texas-based Residential Credit Solutions, which had asked the judge to launch a new trial or reduce the judgment award because the jury erred in finding for the plaintiff, Alena W. Hammer.

    Durkin, however, said none of the rationales advanced by RCS was sufficient to support tossing out the verdict or reducing the amount required of RCS.

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