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vova2212 [387]
3 years ago
10

In 2005, a loan broker and appraiser working for a subsidiary of Bank of America appraised the Cassies home at a fair market val

ue of $620,000. Based on that appraisal and other representations by lending personnel, the Cassies elected to refinance their home with a $495,000 adjustable rate mortgage. Lending personnel told them their home would appreciate and they would be able to sell or refinance the home at a later date before having to make higher monthly loan payments. In 2010, the Cassies discovered their home was valued at $250,000. The monthly mortgage payments doubled in size. The Cassies stopped making payments on the mortgage, which had a balance due of $625,000. Soon after, the fair market value of the house was $200,000. Then, the bank foreclosed on the house and the Cassies moved in with family. The Cassies sued Bank of America for fraud. What is the result?
A. The Cassies will lose.
B. The Cassies will recover partial value of their foreclosed home.
C. The Cassies will win.
Business
1 answer:
Tomtit [17]3 years ago
3 0

Answer:

C. The Cassies will win.

Explanation:

In the given case, the cassies would win as this was appraisal fraud that done by the company employee who is a Bank of america Subsidiary. Here the loan broker and the appraiser increase the fair market value of cassies home i.e. $620,000 but it would be lesser that is $250,000. So this inflate the value in order to make the payment of high rate with related to the mortgage

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schepotkina [342]

Answer:

$210

Explanation:

Calculation for what the amount of interest to be accrued on December 31 will be

Using this formula

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Answer:

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This happened during the first decade of our century and everything was fine until the interest rates started to increase and people could no longer pay their mortgages and BOOM, the economy busted.

7 0
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elixir [45]

Answer:

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In the given case, Wade have described strength and weekness of  each subordinates and also suggested technique to improve performance, therefore, wade is using Written essay method of performance appraisal.

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