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EMC Mortgage |
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©Copyright 2006 Certus LD LLC. Reproduction in any form without written authorization is prohibited |
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EMC Mortgage Corporation A subsidiary of the Bear Stearns Companies
EMC is known as a servicer of last resort for troubled loans and has a reputation among borrowers as being utterly ruthless. Their reputation among lawyers who have litigated against them is one of having unlimited resources and a strategy of drawing cases out until the victim simply cannot afford to continue. In particular, EMC is notable for at least one case with multi-million-dollar consequences to them and another where they spent at least three times the value of the property in question over a period of eight years. They even sued to recover legal expenses, although they were well aware of the fact that they had ruined the borrower financially and would never recover anything. These and a number of other legal snafus apparently have not altered their way of doing business significantly, but since the early part of 2006, they are being investigated by the Federal Trade Commission and have more recently replaced their President. Whether those two events are somehow related is anyone’s guess, but the parent company (Bear) may be getting tired of the attention and litigation expense. |
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John Vella, President and COO Tony Villani, General Counsel
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Headquarters: 2780 Lake Vista Drive
www.emcmortgagecorp.com
Other offices in Irving, Texas and a call center in Irvine, CA. |
