TMDC in dispute with Bear Stearns

The Mortgage Distribution Cooperative is thought to have issued a writ against Bear Stearns, saying the company has gone back on its original agreement.

A source tells Mortgage Strategy TMDC has issued a writ against Bear Stearns because it has gone back on an agreement to fairly distribute profits from the wealth created by TMDC. The source adds: “Although Bear Stearns has come back with an offer of payment, TMDC does not think this is what was promised by Bear Stearns, and the offer is too low.”