Search results for litigation

Avatar Posted by Mortgages 422 days ago (http://www.mortgagedaily.com)
Category: Mortgages
Monthly mortgage fraud activity soared during August, according to a new mortgage fraud index created by MortgageDaily.com. The index utilized data from FraudBlogger.com -- a related comprehensive journal of mortgage fraud reports, crimes and civil litigation. The FraudBlogger Index was 770 during August, soaring from July. and rising from Aug. 2006. read more »
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Avatar Posted by Mortgages 422 days ago (http://www.mortgagedaily.com)
Category: Mortgages
Morgan Stanley and its subprime subsidiary has been hit with a civil rights complaint from the National Community Reinvestment Coalition. NCRC claims the lender "intentionally discriminated" against borrowers in African American, Latino, Native American, Asian and Pacific Islander communities. In mid-July, the NAACP announced it filed suit in against 14 of the nation's largest lenders alleging "systematic, institutionalized racism in subprime home mortgage lending." Just two read more »
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Avatar Posted by Mortgages 414 days ago (http://www.mortgagedaily.com)
Category: Mortgages
Dalton Investments LLC announced it formed a joint venture to restructure defaulted loans it buys from mortgage servicing companies at significant discounts. Schiffrin Barroway Topaz & Kessler LLP said it filed a class action lawsuit against Impac Mortgage Holdings Inc. E*TRADE Financial Corp. also faces a class action lawsuit, this one filed by Coughlin Stoia Geller Rudman & Robbins LLP. read more »
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Avatar Posted by Mortgages 409 days ago (http://www.mortgagedaily.com)
Category: Mortgages
A federal trial court awarded Washington state borrowers $5.1 million over claims that NovaStar Mortgage failed to disclose yield spread premium payments to mortgage brokers. The 11th Circuit Court of Appeals ruled in June in Culpepper v. Irwin Mortgage Corp. that yield spread premiums paid to mortgage brokers are proper unless consumers can prove the amount is excessive. A California federal judge has dismissed claims by shareholders of Impac Mortgage Holdings Inc. who purchased securities of read more »
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Avatar Posted by Mortgages 409 days ago (http://www.mortgagedaily.com)
Category: Mortgages
The Consumer Mortgage Coalition sent a letter to the chairman of the Federal Deposit Insurance Corp. The group warned that large scale loan modifications could cause servicers to default on their servicing agreements. In addition, excessive modifications could jeaopardize the special purpose entity status of securitization trusts. read more »
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Avatar Posted by Mortgages 407 days ago (http://www.mortgagedaily.com)
Category: Mortgages
Provisions of the U.S. Department of Housing and Urban Development down payment assistance regulations were violated on FHA-insured loans by employees of Beazer Mortgage Corp., its parent announced. The violations, which date back to 2000, may leave the company liable for civil litigation expense as well as losses to HUD and mortgage purchasers. The abuse was discovered through an independent investigation begun earlier this year. read more »
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Avatar Posted by Mortgages 392 days ago (http://www.mortgagedaily.com)
Category: Mortgages
A lawsuit has been filed on behalf of an Indiana couple against the servicer and owner of a subprime home equity loan. The couple claim that because their original Truth in Lending Act disclosure did not specifically state that monthly payments were required, they are entitled to a rescission of their $126,000 loan, statutory damages, attorney fees, litigation expenses, costs of the suit and "such other or further relief as the court deems proper." The TILA did state, however, that pe read more »
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Avatar Posted by Mortgages 379 days ago (http://www.mortgagedaily.com)
Category: Mortgages
American International Group Inc. said Wednesday that net income fell 27 percent as a result of mortgage related charges. Morgan Stanley announced a $3.7 billion write-down of its U.S. subprime assets in the fourth quarter is expected to reduce net income by as much as $2.5 billion. Hagens Berman Sobol Shapiro LLP is the latest law firm to announce class action litigation against Washington Mutual Inc. for alleged federal securities law violations. Kaplan Fox & Kilsheimer LLP announced it i read more »
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Avatar Posted by mortgage-litigation 368 days ago (http://www.mortgage-foreclosure-litigation.com)
Category: Mortgage Lenders | Tags: mortage class action litigation
A list of law firms have filed or are filing class action lawsuits due to the mortgage meltdown and rise in foreclosures including the companies the suits are against. read more »
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Avatar Posted by Mortgages 358 days ago (http://www.mortgagedaily.com)
Category: Mortgages
Wachovia Corp. and subsidiary World Savings are being sued under the Truth in Lending Act over adjustable-rate mortgages with payment options. The complaint cites the company's "failure to clearly and conspicuously disclose" that payments on ARMs with payment options at the teaser payment or teaser interest rate would result in negative amortization. "We are confident that World Savings has clear and accurate loan disclosures and procedures for all of its mortgage products," read more »
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