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Loan buyer sues LoanGiant for $3.7M; GMAC questions validity of 28 mortgages.

Publication: Crain's Detroit Business
Publication Date: 29-MAR-04 		Format: Online - approximately 682 words
Delivery: Immediate Online Access
Full Article Title: Loan buyer sues LoanGiant for $3.7M; GMAC questions validity of 28 mortgages.(News)

Article Excerpt
Byline: Katie Merx

GMAC Residential Funding Corp. is suing LoanGiant for at least $3.7 million in damages for allegedly bad mortgages that the Southfield-based mortgage company wrote.

Minneapolis-based GMAC Residential Funding said it's suing LoanGiant because the mortgage company sold it at least 28 loans that didn't comply with its lending guidelines, and then wouldn't buy them back. All but one of the 28 loans were made by LoanGiant in 2002 and 2003, according to RFC's complaint in U.S. District Court in Minnesota.

LoanGiant CEO Jack Wolfe said RFC has no basis for requiring the repurchase of the loans.

"We do...

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