No. of Recommendations: 4
A unit of Morgan Stanley (MS), the sixth-largest U.S. bank by assets, and other lenders are being investigated by the Justice Department for overcharging members of the military and foreclosing on their homes without court orders.
“The Civil Rights Division has an ongoing investigation into Saxon mortgage and other lenders as well as authorized lawsuits against lenders for violations of the Servicemembers Civil Relief Act, specifically for overcharging and foreclosing against the homes of Servicemembers without court orders,” Xochitl Hinojosa, a department spokeswoman, said today in an e- mailed statement.
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