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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.


Mortgage Compliance Lawsuits
Second-Quarter 2011 Mortgage Litigation Index

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Defendant
Plaintiff
Court
Amount
Overview Case Title
Case Number
Date Filed Link to Story
Citizens Republic Bancorp Inc. and Citizens Bank United States United States District Court for the Eastern District of Michigan $3,600,000 Defendants agreed to a $3.6 million settlement with the Justice Department over charges of alleged discrimination by a loan production office in a black Detroit neighborhood. The U.S. alleged violations of the Fair Housing Act and Equal Credit Opportunity Act. United States v. Citizens Republic Bancorp Inc., et al. 2:2011cv11976 05/05/11 www.mortgagedaily.com/LitigationDiscrimination062111.asp
Midwest BankCentre United States United States District Court for the Eastern District of Missouri $1,450,000 Defendant agreed to settle with the Department of Justice over allegations that it violated the Fair Housing Act and Equal Credit Opportunity Act and engaged in a pattern or practice of discrimination on the basis of race and color. A $1.45 million dollar settlement has been announced. United States v. Midwest BankCentre 2:2011cv01086 06/16/11 www.mortgagedaily.com/LitigationDiscrimination062111.asp
Mortgage Guaranty Insurance Corporation United States of America United States District Court Western District of Pennsylvania n/a HUD is charging MGIC with discriminating against a Pennsylvania family by denying their application for mortgage insurance unless and until the wife returned to work after maternity leave, in violation of the Fair Housing Act. United States Department of Housing and Urban Development v. Mortgage Guaranty Insurance Co. 2:05-mc-02025 07/05/11 www.mortgagedaily.com/LitigationDiscrimination062111.asp
Nixon State Bank United States United States District Court for the Western District of Texas $100,000 Texas-based bank allegedly charged higher loan prices to Hispanic borrowers in violation of the Equal Credit Opportunity Act. One factor tied to the alleged discrimination was the lack of a written loan pricing policy prior to 2009. United States v. Nixon State Bank 5:2011cv00488 06/17/11 www.mortgagedaily.com/LitigationDiscrimination062111.asp
Wells Fargo N.A., Wells Fargo Tennessee, Inc. City of Memphis United States District Court for the Western District of Tennessee n/a Court denied Wells' motion to dismiss suit alleging discrimination for mortage practices having adverse impact on african american borrowers. City alleged violations of Fair Housing Act and Tennessee Consumer Protection Act. City of Memphis v. Wells Fargo N.A. et al. 2:2009-cv-2857 12/30/09 www.mortgagedaily.com/mctlawsuitdiscriminationwels050511.asp
Cornerstone Mortgage Company, d/b/a Cornerstone Home Lending and Cornerstone Home Lending, Inc. U.S. Department of Housing and Urban Development and Assistant Secretary for the Office of Fair Housing and Equal Opportunity n/a $750,000 HUD announced a settlement with Cornerstone Mortgage Company, who allegedly discriminated against a pregnant loan applicant. Cornerstone initially approved her for a loan, but rescinded its approval upon learning that the woman was on maternity leave, in violation of the Fair Housing Act. United States Department of Housing and Urban Development v. Cornerstone Mortgage Co. n/a n/a www.mortgagedaily.com/LitigationDiscrimination062111.asp, www.mortgagedaily.com/MctSettlementHud060211.asp
Board of Governors of the Federal Reserve System; Ben S. Bernanke, Honorable, Chairman of the Board of Governors of the Federal Reserve System; Sandra F. Braunstein, Director, Division of Consumer and Community Affairs; and Board of Governors of the Federal Reserve System National Association of Mortgage Brokers; National Association of Independent Housing Professionals, Inc. United States Court of Appeals for the District of Columbia Circuit n/a In two consolidated lawsuits, the U.S. Court of Appeals for the District of Columbia Circuit lifted the stay on the loan officer compensation rule. Plaintiffs filed suit challenging the requirement that if a mortgage broker receives compensation directly from the consumer, then the loan originator in the transaction must be paid on an hourly basis and cannot receive a commission. Nat'l Assoc. of Mortgage Brokers v. FRS, et al. 11-0507; 11-5079 03/31/11 www.mortgagedaily.com/LawsuitNamb040711.asp; www.mortgagedaily.com/LawsuitNaihp040611.asp; www.mortgagedaily.com/LawsuitBrokerVFed040511.asp; www.mortgagedaily.com/LawsuitBrokerVFedDenial040511.asp; www.mortgagedaily.com/LawsuitBrokerVFed040411.asp; www.mortgagedaily.com/LoCompRuleStay040111.asp
Ally Financial Inc., Detroit, Michigan; Ally Bank, Midvale, Utah; Residential Capital, LLC, Minneapolis, Minnesota; and GMAC Mortgage, LLC, Fort Washington, Pennsylvania n/a United States of America Before the Board of Governors of the Federal Reserve System, Washington, D.C.; Federal Deposit Insurance Corporation, Washington, D.C. n/a Ally Financial Inc. consented to the issuance of a Consent Order whereby it agreed to remediate unsound practices relating to mortgage servicing and the initiation and handling of foreclosures. In re: Ally Financial Inc. FRB Docket No. 11-020-B-HC; 11-020-B-DEO; FDIC-11-123b n/a www.mortgagedaily.com/OccConsentOrderAlly041311.asp
Aurora Bank FSB n/a United States of America Before the Office of Thrift Supervision n/a Aurora Bank FSB consented to the issuance of a Consent Order whereby it agreed to remediate unsound practices relating to mortgage servicing and the initiation and handling of foreclosures. In re: Aurora Bank FSB NE-11-16 n/a www.mortgagedaily.com/OccConsentOrderAurora041311.asp
Bank of America, N.A., Charlotte, NC n/a United States of America Department of the Treasury Comptroller of the Currency n/a Bank of America, N.A. consented to the issuance of a Consent Order whereby it agreed to remediate unsound practices relating to mortgage servicing and the initiation and handling of foreclosures. In re: Bank of Am., N.A. AA-EC-11-12 n/a www.mortgagedaily.com/OccConsentOrderBoa041311.asp
JPMorgan Chase Bank, N.A., New York, NY n/a United States of America Department of the Treasury Comptroller of the Currency n/a JPMorgan Chase Bank, N.A. consented to the issuance of a Consent Order whereby it agreed to remediate unsound practices relating to mortgage servicing and the initiation and handling of foreclosures. In re: JPMorgan Chase Bank, N.A. AA-EC-11-15 n/a www.mortgagedaily.com/OccConsentOrderChase041311.asp
HSBC Bank USA, N.A., McLean, Virginia n/a United States of America Department of Treasury Comptroller of the Currency n/a HSBC Bank USA, N.A. consented to the issuance of a Consent Order agreeing to remediate unsound practices relating to mortgage servicing and the initiation and handling of foreclosures. In re: HSBC Bank USA, N.A. AA-EC-11-14 n/a www.mortgagedaily.com/OccConsentOrderHSBC041311.asp
Lender Processing Services, Inc., Jacksonville, Florida; DocX, LLC, Alpharetta, Georgia; and LPS Default Solutions, Inc., Mendota Heights, Minnesota n/a Before the Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation; Officer of Comptroller of the Currency; Office of Thrift Supervision n/a Lender Processing Services, Inc. consented to the issuance of a Consent Order agreeing to remediate unsound practices relating to mortgage servicing and the initiation and handling of foreclosures. In re: Lender Processing Services, Inc. FRB Docket Nos. 11-052-B-SC-1; 11-052-B-SC-2; 11-052-B-SC-3; FDIC-11-204b; OCC AA-EC-11-46; OTS DC-11-039 n/a www.mortgagedaily.com/OccConsentOrderLPS041311.asp
MetLife Bank, N.A., Bridgewater, New Jersey n/a United States of America Department of the Treasury Comptroller of the Currency n/a MetLife Bank, N.A. consented to the issuance of a Consent Order whereby it agreed to remediate unsound practices relating to mortgage servicing and the initiation and handling of foreclosures. In re: MetLife Bank, N.A. AA-EC-11-16 n/a www.mortgagedaily.com/OccConsentOrderMetlife041311.asp
PNC Bank, N.A., Wilmington, Delaware n/a United States of America Department of the Treasury Comptroller of the Currency n/a PNC Bank, N.A. consented to the issuance of a Consent Order whereby it agreed to remediate unsound practices relating to mortgage servicing and the initiation and handling of foreclosures. In re: PNC Bank, N.A. AA-EC-11-17 n/a www.mortgagedaily.com/OccConsentOrderPNC041311.asp
Sovereign Bank n/a Office of Thrift Supervision n/a Sovereign Bank consented to the issuance of a Consent Order by the Office of Thrift Supervision requiring the remediation of unsafe and unsound banking practices relating to mortgage servicing and the initiation and handling of foreclosure proceedings. In re: Sovereign Bank NE-11-17 n/a www.mortgagedaily.com/OccConsentOrderSovereign041311.asp
Suntrust Banks, Inc., Atlanta, Georgia; Suntrust Bank, Atlanta, Georgia; and Suntrust Mortgage, Inc., Richmond, Virginia n/a United States of America Before the Board of Governors of the Federal Reserve System n/a Suntrust Banks, Inc. consented to the issuance of a Consent Order whereby it agreed to remediate unsound practices relating to mortgage servicing and the initiation and handling of foreclosures. In re: Suntrust Banks, Inc. 11-021-B-HC; 11-021-B-SM; 11-021-B-DEO n/a www.mortgagedaily.com/OccConsentOrderSuntrust041311.asp
U.S. Bank National Association, Cincinnati, Ohio; and U.S. Bank National Association ND, Fargo, North Dakota n/a United States of America Department of the Treasury Comptroller of the Currency n/a U.S. Bank National Association consented to the issuance of a Consent Order whereby it agreed to remediate unsound practices relating to mortgage servicing and the initiation and handling of foreclosures. In re: U.S. Bank Nat'l Assoc. AA-EC-11-18 n/a www.mortgagedaily.com/OccConsentOrderUSBank041311.asp
Wells Fargo Bank, N.A., Sioux Falls, South Dakota n/a United States of America Department of the Treasury Comptroller of the Currency n/a Wells Fargo Bank, N.A. consented to the issuance of a Consent Order whereby it agreed to remediate unsound practices relating to mortgage servicing and the initiation and handling of foreclosures. In re: Wells Fargo Bank, N.A. AA-EC-11-19 n/a www.mortgagedaily.com/OccConsentOrderWells041311.asp
US Bank Home Mortgage Wisconsin Servicing, US Bank, NA Marilyn Houston United States District Court for the Eastern District of Michigan n/a The plaintiff alleged that US Bank violated state and RESPA by claiming an incorrect arrearage and balance on a note it serviced. The court held that the plaintiff had stated a claim under RESPA but dismissed her other counts, including her FDCPA and HAMP claims. Houston v. US Bank Home MortgageWisconsin Serv. 10-13780 09/22/10 www.mortgagedaily.com/LitigationForeclosure052411.asp
Fairway Independence Mortgage Corp. Nicole L. Glen United States District Court for the Eastern District of Missouri $1,035,355 Fairway agreed to settle a class action lawsuit that alleged that Fairway had not disclosed yield spread premiums. Glen v. Fairway Indep. Mortgage Corp. 4:08-cv-00730-RWS 05/20/08 www.mortgagedaily.com/LawsuitFairway052711.asp
US Bank, NA United States n/a $1,200,000 USB and HUD agreed to a $1.2 million settlement of a case in which HUD alleged violations of FHA underwriting standards on dozens of mortgages and alleged submission of delinquent loans for late endorsement. USB did not admit liability. United States v. U.S. Bank, N.A. n/a n/a www.mortgagedaily.com/SettlementHUDUSBank052011.asp
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