Nationstar faces $35M suit over cancelled home loan auction

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Nationstar faces $35M suit over cancelled home loan auction

Nationstar faces $35M suit over cancelled home loan auction

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Nationstar Mortgage Holdings faces a $35 million lawsuit after backing away from plans to sell $150 million in home loans.

Truman Capital Advisors and U.S. Bank filed the suit after the firms’ winning bid for Nationstar assets was superceded by the mortgage servicer’s decision to back away from the sale. The firms are asking for compensation to cover due diligence work, research expenses and other costs incurred when the plaintiffs prepared their bid for Nationstar ($46.43 0.31%)mortgage assets.

It all started when Nationstar offered hundreds of residential mortgages for sale through an online auction hosted by its agent, Auction.com.

[HOUSING WIRE]

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