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| Countrywide Financial Corporation; Countrywide Home Loans, Inc.; Balboa Reinsurance Company | Mary Alston, individually and on behalf of all others similarly situated; Kevin Collier, individually and on behalf of all others similarly situated; Brad Augunus, individually and on behalf of all others similarly situated | U.S. Court of Appeals for the Third Circuit | na | The Third Circuit Court of Appeals overturned a 2008 decision by the Eastern District of Pennsylvania that dismissed a class action alleging the defendants violated RESPA on loans to “hundreds-of-thousands of borrowers.” Plaintiffs claim that they were overcharged for mortgage insurance and that the defendants recieved unlawful kickbacks as a result of the alleged scheme. | Alston v. Countrywide Financial Corporation | Case No. 08-4334 | Dec. 2006 (original petition), Oct. 28, 2009 (appeal) | www.mortgagedaily.com/LawsuitCountrywideAppeal102909.asp |
| First United Security Bank | United States of America | U.S. District Court for the Southern District of Alabama | na | The defendant was accused of lending discrimination and redlining by not offering equal access to some of its loan programs in predominantly black neighborhoods and charging blacks higher mortgage rates than similarly-situated whites in violation of the Fair Housing Act and the Equal Credit Opportunity Act. The defendant bank entered into an agreement with the DoJ to open a new branch in a black neighborhood and to spend $600,000 promoting its programs in affected neighborhoods. | United States of America, Plaintiff v. First United Security Bank, Defendant | Case No. 1:09-cv-0644 | Sept. 30, 2009 | www.mortgagedaily.com/Lawsuits102709.asp |
| Ideal Mortgage Bankers LTD dba Lend America | United States of America | U.S. District Court for the Eastern District of New York | na | HUD blocked from cutting FHA approval.The defendant was accused of abusing its authority under the U.S. Department of Housing and Urban Development’s Direct Endorsement Program by manipulating loan files and falsely certifying that loans met FHA guidelines. The court denied the government’s request for an order prohibiting Lend America from originating FHA insured loans in light of Ideal Mortgage Bankers’ massive operational overhall implemented to tighten compliance and prevent fraud. | United States of America v. Ideal Mortgage Bankers, LTD et al. | 2:09-cv-04484-JFB -WDW | Oct. 20, 2009 | www.mortgagedaily.com/LawsuitLendAmerica102109.asp, www.mortgagedaily.com/LawsuitDojLendAmerica102009.asp, www.mortgagedaily.com/LendAmericaFha113009.asp |
| Independence Planning LLLP d/b/a Alternative Lending of Colorado, James W. Dale III, April A. Bigler | State of Colorado | District Court, Fremont County, Colorado | na | Bigler, as originator, allegedly lied to borrowers about interest rates, colluded with appraisers to inflate appraisal values, delayed closings, and other fradulent tactics with knowledge of Dale. As a result, 44% of Bigler’s borrowers ended up in foreclosure. | The State of Colorado v. Independence Planning LLLP d/b/a Alternative Lending of Colorado | na | Oct. 8, 2009 | www.mortgagedaily.com/LitigationCriminal123009.asp |
