Lenders Settle With HUD for Aiding in Fraud Scheme
Two Massachusetts-based lenders that lent money to developers accused of running a sham land scheme have reached settlements with the federal government that could save borrowers as much as $38 million.
Borrowers at Risk of Foreclosure to Benefit from Settlement
Household announced it reached a proposed multimillion-dollar settlement with ACORN and a series of borrowers in a lawsuit relating to its U.S. mortgage lending practices.
Saxon Settles Suit With Originators
They sat all day in cubicles, typing loan applications into computers, putting in more than 40 hours a week but not getting paid the overtime.
Devil is in the Details
The FTC and HUD have filed a proposed settlement in their case against Fairbanks Capital for alleged unfair servicing practices in connection with subprime mortgage borrowers.
Former, Current CA Employees Sue WaMu over Job Expenses
A current and a former employee are among the initial plaintiffs in a lawsuit that seeks class action status against two Washington Mutual subsidiaries.
Servicing Problems Result in $40 Million Fairbanks Settlement
One of the nation's leading servicers of subprime mortgages, under intense regulatory pressure because of consumer complaints, has agreed to a $40 million settlement with the federal government.
Lawsuits Against, By New Century Dismissed
Two California mortgage-lending companies dismissed lawsuits against each other, but the aftermath is not in accordance.
Defunct Internet Lender Settles With Creditors, Miami Herald Reports
Creditors will receive $130,000 to settle claims brought against the former head of the now-defunct Mortgage.com, according to a story in the Miami Herald.
Reverse Lender not Liable in National Bank of Commerce Litigation
Jupiter Mortgage Corporation was granted summary judgment by a Florida court last week, the company said.
YSPs Survive State Appellate Court
An appeal to reinstate a lawsuit which claimed certain yield-spread premium payments violated compliance with HUD regulations has been denied by a California court.
LendingTree Faces Lawsuit
Three Cendant corporation subsidiaries have sued LendingTree.com.
Criminal Probe, Class Action on Freddie's Plate; X-Pres Accused of Ripping Pages From Notes
Freddie Mac's troubles have deepened this week as probing into its accounting and management practices continues.
Lehman Liable in Predatory Lending Case
A federal jury has found an investment banker partially liable for a mortgage company's alleged predatory lending scheme, according to wire reports.
Reverse Lender Nets 2 Judgments
A Florida-based mortgage banker has been issued two favorable judgements this month, according to wire reports.
RFC Case May Change Brokers' Approach to Volume Based Incentives
Industry Commentary by Time Meredith.
Former Employees Sue New Century
Two former Louisiana loan officers are suing New Century Financial Corp. for unpaid overtime.
Class Action Could Cost Reverse Lenders $8 Million
The nation's mortgage industry, including a leading credit rating agency, is closely watching a proposed settlement in a reverse mortgage class action suit.
Chase Suing Actor Wesley Snipes
Chase Manhattan Mortgage Corp. sued movie star Wesley Snipes for failing to make mortgage payments on his mansion in the posh Orlando, Fla., community of Isleworth, the Associated Press reported.
Calif Sues Long Beach for Interest Overcharges
California's investment and financing authority has sued a Washington Mutual, Inc. subsidiary for allegedly overcharging subprime borrowers even two years after the authority warned the lender that it was in violation of state law.