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Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.


Corporate Bankruptcy Litigation
Fourth-Quarter 2009 Mortgage Litigation Index

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Litigation surrounding companies that file for bankruptcy protection or bankruptcy liquidation.

Defendant
Plaintiff
Court
Amount
Overview
Case Title
Case Number
Date Filed Link to Story
Anthony J. Santilli, Beverly Santilli, Albert W. Mandia, Jeffery M. Ruben, Leonard Becker, Michael R. Deluca, Harold E. Sussman, U.S. Bank National Association, JP Morgan Chase Bank, J.P. Morgan Securities, Inc., JP Morgan Chase & Co., Credit Suisse (USA), Inc., Credit Suisse First Boston, Credit Suisse First Boston Mortgage Securities Corp., Credit Suisse First Boston Mortgage Capital, LLC, Bear Stearns & Co., Inc., Bear Stearns Financial Products Inc., Bear Stears Asset Backed Securities, Inc., Morgan Stanley & Co., Incorporated, Morgan Stanley Dean Witter & Co., Morgan Stanley ABS Capital I, Inc., Morgan Stanley Mortgage Capital, Inc. and BDO Seidman, LLP George L. Miller Court of Common Pleas Philadelphia County, Pennsylvania $100,000,000 A lawsuit filed by the bankruptcy trustee for American Business Financial Services Inc., alleged that the defendants allowed American Business Financial Services Inc. to stay afloat by enabling it to overstate the value of its assets. The four defendants agreed to a $100 million dollar settlement to resolve the case. Miller v. Santilli Case No. 001225 Oct. 25, 2007 www.mortgagedaily.com/Lawsuits102709.asp
Carrington Mortgage Services LLC Ohio Attorney General, Ohio Department of Commerce Court of Common Pleas, Franklin County, Ohio na Lawsuit led to a voluntary moratorium. State of Ohio v. Carrington Mortgage Services LLC Case No. 09 CVH 7 11433 July 31, 2009 www.mortgagedaily.com/LawsuitAhmsVOhioAg110509.asp
n/a Capmark Financial Group, Inc. U.S. Bankruptcy Court for Delaware na Capmark filed a voluntary petition for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. In re Capmark Financial Group, Inc. 09-13684 Oct. 1, 2009 www.mortgagedaily.com/CapmarkSale112509.asp, www.mortgagedaily.com/CapmarkSale121109.asp, www.mortgagedaily.com/CapmarkBankruptcy102609.asp
n/a Taylor, Bean, and Whitaker Mortgage Corp. U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville na Taylor, Bean and Whitaker Mortgage Corporation filed for relief under Chapter 11 of the Bankruptcy Code in order to begin to recover, restrict, and possibly liquidate its assets. The filing occurred three weeks after the Federal Housing Administration suspended the corporation's authority to issue FHA-insured loans and Ginnie Mae and Freddie Mac suspended the corporation as an issuer of mortgage backed securities. In re Taylor, Bean & Whitaker Mortgage Corp. 09 7047 Aug. 24, 2009 www.mortgagedaily.com/FreddieTbw112409.asp, www.mortgagedaily.com/Lawsuits102709.asp
na Financial Resources Mortgage Inc. U.S. Bankruptcy Court in Manchester $23,000,000 Allegedly defrauded investors in a Ponzi scheme before failing. na na na www.mortgagedaily.com/InvestorLawsuits122909.asp
TMST, Inc. (f/k/a Thornberg Mortgage, Inc.), Larry A. Goldstone, Clarence G. Simmons, III, Charles Macintosh and SAF Financial, Inc. Thornburg Mortgage Advisory Corporation U.S. Bankruptcy Court for the District of Maryland na A bankruptcy judge has appointed a trustee as a result of allegations that former chief executive officer Larry Goldstone and former chief financial officer Clarence Simmons utilized employees and resources of the bankrupt firm to start a new venture, SAF. The pair are also accused of paying themselves $232,000 in bonuses and paying $93,000 to other managers for helping with SAF's launch without approval from the compensation committee. In re: TMST Inc. Case No. 09-17787 May 1, 2009 www.mortgagedaily.com/Lawsuits102709.asp
Wells Fargo Bank Taylor, Bean, and Whitaker Mortgage Corp. U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville na TBW challenged Wells' decision to terminate it as a master servicer, leading to delay in investor payments. na na na www.mortgagedaily.com/TaylorBean102609.asp
Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.


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