From: Cal Coast News
September 11, 2013
By DANIEL BLACKBURN
A
San Luis Obispo County couple has received a million-dollar-plus
settlement and title to two houses in a case that is likely to result in
more lawsuits by people who lost property to mortgage lenders after the
bursting of the housing bubble.
Greg and Irene Rigali of Shell Beach sued OneWest Bank, IndyMac
Mortgage Services, U.S. Bank and GSR Loan Mortgage Trust after their
home and a rental property in Grover Beach were foreclosed. At the time,
the Rigalis were negotiating with OneWest Bank to modify their
mortgages, sources familiar with the case said.
The case turned on a mortgage practice known as “dual tracking.”
Under the practice, lenders work with borrowers who are in default but,
at the same time, pursue foreclosure.
At the short end of the seven-figure settlement agreement were two
nationally known individuals, billionaire Steve Mnuchin, principal owner
of OneWest Bank; and Rik Tozzi, a prominent Alabama attorney
specializing in banking litigation and “complex cases in difficult or
dangerous jurisdictions,” according to his website. MORE
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