Hard Money Loans

Bank of America Corp.’s Merrill Lynch unit must face a class-action suit on behalf of at least 1,800 investors over mortgage-backed securities, a federal judge ruled.

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European Union stress tests on the region’s banks are becoming “irrelevant” because they ignore the possibility of a default by Greece.

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Mortgage servicer One West Bank filed a lawsuit against the trustee in a mortgage securitization to stop the foreclosure on borrower. A petition for review of an appeals court decision was denied by the California Supreme Court. The decision gives the Mortgage Electronic Registration Systems to the right to foreclose.

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German lenders were the biggest foreign owners of Greek government bonds with $22.7 billion in holdings last year, making them a likely negotiation partner in burden-sharing deals for the country, data from the Bank for International Settlement showed.

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First Heritage Bank was closed Friday by the Washington Department of Financial Institutions. Sidus Financial LLC said that it was halting new lock requests from mortgage brokers and correspondent customers. Including banks and credit unions, the failure or closing of 65 mortgage-related operations have been tracked by MortgageDaily.com during 2011.

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A Standard Chartered Plc affiliate, Qatar Islamic Bank SAQ and Oversea-Chinese Banking Corp. are among bidders for a controlling stake in PT Bank Muamalat Indonesia, the country’s oldest Islamic bank, people with knowledge of the matter said.

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A settlement with U.S. Bank was announced by the Department of Housing and Urban Development. The bank allegedly did not meet underwriting standards on more than two dozen Federal Housing Administration mortgages. The agreement calls for a payment of more than $1 million.

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Bank of England Chief Economist Spencer Dale said that officials should raise interest rates to bring inflation under control even if Britain’s economic recovery isn’t yet assured.

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Italy’s Mario Draghi may reach for the German policy manual when he takes the helm of the European Central Bank.

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The euro fell the most in four months against the dollar after European Central Bank President Jean- Claude Trichet signaled he may not raise interest rates next month and concern rose that Greece’s debt crisis is worsening.

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