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I received a letter yesterday after writing for a QWR stating I have a conventional ARM. That's it. No documents, nada. I was under the impression they HAD to let us look over the doc's they have to check out if violations occurred.
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The purpose of the QWR is to make the servicer address a "servicing complaint" and if they do not follow the way the law reads in regards to the Section 6 of RESPA, then there are possible legal remedy you may pursue. So, hopefully your letter was servicing oriented and stated why you needed these loan docs and why they need to give them to you and they need to give you legitimate answer as to why they are not providing them for you in the time prescribed under section 6 of REPSA.
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If they go down does it mean the FEDS/taxpayers are picking up the pieces?
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Yes, that is exactly what will happen. But with the FDIC running the show, it will be easier than dealing with them now.