Servicers Battle Borrowers in Court
|Maryland Has Worst Foreclosure Rate
Although nationwide foreclosure activity improved last month, metrics deteriorated in Maryland -- leaving state with the worst foreclosure rate in the country.
A California lawsuit where the court roundly criticized both parties for overreaching was among the activity in recent servicing-related lawsuits. Other cases involved a 1099 that one plaintiff says shouldn't have been issued after the foreclosure of his house, a court order into arbitration and another court order into mediation.
Supreme Court Sides With LOs in Overtime Lawsuit
The U.S. Supreme Court has ruled against the mortgage industry in a case involving overtime for loan originators.
Frmr Officers, Directors of Failed Chicago Bank Sued
Millions of dollars in losses suffered by a failed Chicago bank were the result of negligence by former officers and directors, according to a federal regulator's lawsuit.
Deal With Credit Bureaus Impacts Dispute Resolution
A settlement reached with the three national credit repositories makes it less certain that consumer disputes will end favorably for lenders.
Repurchase Disputes Litigated
Litigation over contractual agreements to buy back bad mortgages continues to wind its way through the courts. In one instance, 70 similar cases have been consolidated for pretrial purposes.
Montana Bills Address State Supreme Court Decision
The GOP in Montana has submitted legislation intended to alleviate concerns by home loan servicers over a recent state Supreme Court decision. Some say the bills are bad for consumers.
Appeals Court Approves $8.5 Bil BofA Settlement
An $8.5 billion settlement between Bank of America Corp. and mortgage investors has been approved by an appeals court -- ending years of wrangling over the trustee's role.
SunTrust Wins Repurchase Legal Fight
A federal judge has handed SunTrust Banks Inc.'s mortgage unit a victory in a repurchase case involving a no-asset-verification program.