National Mortgage News-
Here is a cautionary tale of how a seemingly minor error can end up costing a financial services company big if left unaddressed.
A jury last month awarded $16.2 million in damages to a California homeowner who waged a three-year battle to block a foreclosure by the private-label mortgage servicer PHH Corp. The verdict is among the largest ever awarded in a mortgage case and $6 million more than PHH’s mortgage servicing business earned in the second quarter.
And, according to the plaintiff’s attorneys, it all started with a $616 shortfall in an escrow account.
CASE CAN BE OBTAINED VIA SCRIBD (I could not get this to embed)
http://www.scribd.com/doc/236663425/PHH-16M-jury-verdict-case-Linza-v-PHH