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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.



Broker Sued for Faxing
Unwanted faxes that pitch a product or service are like Internet Spam and telemarketing calls -- a typically unwanted part of doing business in an office environment.
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Are Originators Entitled to Min Wage, Overtime?
Three loan officers have sued a Florida mortgage company claiming they are owed unpaid minimum wages and overtime. Lawyers in the case are seeking to include all similar employees of the company during the past three years -- including those who had substantial commissions while employed.
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Mortgage Co. at Center of High Profile Lawsuit
A dispute involving a mortgage company is at the heart of what could be a major legal decision involving a relatively new federal law designed to crack down on corporate fraud.
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Robinson Vs Neiman Marcus
The owner of a south Florida mortgage school has won a $2.6 million jury verdict over a seven-year old shoplifting dispute with racial overtones.
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Founder of Mortgage Unit Sues Bank for $28 Mil Over Firing
What looks to be a bitter and expensive legal fight over control of a mortgage company and its Internet unit has broken out in Massachusetts.
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NovaStar Lawsuit Comes on Heels of Critical HUD Audit
Subprime lender NovaStar Financial, already facing the fallout from a tough government audit over its net branch structure, is now being sued for $200 million in a Georgia federal court for allegedly using unlicensed brokers.
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Fannie Unloaded, Ginnie Bought Bogus Notes
A federal judge has ordered Fannie Mae to turn over $6.5 million it received as a result of selling fraudulent mortgages back to the originator who in turn sold them to the government.
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Mortgage Reduction Scam Duped Mostly Hispanics
The Texas attorney general has gone to court to try and stop the owners of a mortgage firm accused of ripping off more than 100 mostly poor Hispanic homeowners.
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Judge Halts Foreclosure in Low LTV Case
A low loan-to-value ratio in a California bankruptcy case convinced a judge to halt a foreclosure against the owner of a Monterey County residential property.
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Employees Sue American Home
Employees of American Home Mortgage have filed a class action lawsuit against the company, claiming it failed to keep promises made when the company they worked for was acquired by American Home.
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Broker Vs Broker
In an unusual case of identity theft, an unlicensed originator used the California license of a legitimate mortgage broker to submit loans to New Century's wholesale unit and collect the associated fees -- leading to a lawsuit and leaving claim to nearly a quarter million dollars in commissions unresolved.
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Countrywide Sued Over Stated Income Loans
Countrywide Home Loans has been named as a defendant in a lawsuit because it allegedly approved a borrower for stated income financing on $1 million in properties even though his annual income was only $30,000. The filing of the lawsuit appears to be motivated, however, by a significant drop in the value of the properties involved.
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NovaStar Vs Allied
What started out as a friendly business transaction has now turned into an ugly lawsuit between two net branch giants.
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Wholesaler Goes After Broker, Appraiser in Court
Who would pay $68,000 for a house with no kitchen, bathroom or furnace? Particularly when it's worth just $23,000?
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Calif. Broker Facing Lawsuit, Reelection
These are trying times professionally and politically for mortgage broker and California state legislator Guy Houston.
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Lawsuit Accuses Household of Racketeering
Household International spent almost half a billion dollars in 2002 to settle claims with regulators and prosecutors in all 50 states that it mislead subprime borrowers over loan costs, fees and other expenses.
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Class Action Filed Against New York Community Bancorp
One of the fastest growing mortgage companies in the country is now at the center of a shareholder class action lawsuit.
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Bass Vs Fieldstone
Not only is Fieldstone Mortgage trying to go public before the end of the year, it is locked in a messy lawsuit with the very rich and very powerful Bass family of Texas. At stake is millions of dollars the well-connected Bass family says it is owed from the sale of the mortgage company.
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Mortgage Broker at Center of Baseball Dispute
After a recent 90-minute hearing in San Francisco County's Superior Court, a judge ruled that Steve Williams, a mortgage broker, was the lawful owner of Barry Bonds' 700th home run ball -- giving him the right to sell it.
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Astoria Mortgage Unit Hit With Harassment Suit
A New York thrift and some of its top management face a lawsuit by a former mortgage department employee who is accusing them of discriminating against and harassing her, wrongfully terminating her, and misleading investors. But the credibility of the plaintiff is tainted because she forged the signature of her supervisor.
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Soccer Match Between Insurer, Lender Leads to Broken Jaw, Lawsuit
A friendly soccer game between a large insurance company and a mortgage lender turned to into a scuffle between a loan consultant and an insurance worker, with one of them carried off to a hospital.
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Former Owners of Bankrupt Subprime Lender in Trouble Again
Two of the most notorious figures from the 1980s saving-and-loan scandal -- a husband and wife who are the former operators of a mortgage company -- are once again facing legal problems.
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Controversial Refis Land Company in Hot Water
The state of Michigan has issued a Cease and Desist Order against a company it accuses, among other things, of falsely submitting purchase transactions as refinances.
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SEC Takes Action Against PA Mortgage Firm Principals
The government has barred 5 individuals from the securities industry because they sold securities that were not registered then spent the proceeds instead of investing in the growth of their mortgage company. But a court order requiring the individuals to repay more than $600,000 was waived because they couldn't afford it.
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Loan Denial Leads to Ameriquest Lawsuit
Christine Baker is the proverbial David taking on the perennial giant.
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Upcharging Lawsuit Reinstated Against Wells
Homeowners who sued California-based Wells Fargo & Co. in a dispute over fees are getting a new day in court.
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Wired Funds Between Mortgage Cos at Issue in $337 Mil Case
Wachovia Corp., a financial services firm based in Charlotte, N.C., went from owing a mortgage company $337.5 million to having the debt wiped clean by an historic court ruling in Pennsylvania.
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Servicer Scam Costs Family $2.5 Million
The family that sues together settles together.
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WaMu a Whale Sleeping With the Fish
For Martin Chaffron, the threat of a lawsuit against his mortgage broker was a last resort.
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ACORN Continues Assault on Wells
More than 2000 rally participants will converge in Los Angeles today to protest alleged predatory practices by one of the country's biggest mortgage lenders. The rally coincides with the planned filing of a nationwide lawsuit by consumer advocate group ACORN -- which accuses the company of not informing borrowers they might qualify for a better rate.
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New Century Discloses 2 Class Action Filings
Two class action lawsuits have been filed against New Century. A New Jersey case accuses the company of RESPA, TIL and state violations while another case in Illinois alleges violations of that state's high rate loan laws.
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Class Action Against Wells Focuses on Illinois High Cost Loans
A class action lawsuit has been filed against Wells Fargo Financial on behalf of Illinois borrowers. The case, which focuses on high cost loans, challenges the federal government's preemptive authority to regulate the nation's financial institutions.
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GMAC Drops Lawsuit Against LendingTree
A lawsuit filed over a disputed Internet domain address has been dismissed -- leaving feuding mortgage companies as friendly competitors once again.
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Calyx Drops Suit Against Ellie Mae -- For Now
Two major players in the mortgage loan technology business are locked in a legal battle over a copyright dispute. However, a major development in the case last week has left the lawsuit in limbo.
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Payoff Statement Fee at Issue in Class Action Lawsuit Against Countrywide
One of the nation's largest residential lenders was named in a New Jersey class action lawsuit for allegedly illegally charging consumers fees required for closing. This marks the third lawsuit related to such practices and could end up costing the company over $1.8 million.
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Lawyer for Predatory D.C. Firm Fined by FTC
The Federal Trade Commission has fined the legal counsel of a mortgage company for his roll in collecting payments on loans the FTC considers predatory. In addition to the fine, the attorney has been booted from the debt collection business.
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US Bancorp Haunted by FirstPlus Loans
Minneapolis-based US Bancorp has agreed to pay $20 million to settle a class action lawsuit brought by consumers who alleged that they were charged mortgage loan fees that violated some state laws. The loans were originated and purchased from a now defunct subprime lender.
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Grand Jury Probing Metropolitan
Already trying to hold off swarms of lawsuits while trying to emerge from a $500 million bankruptcy, an embattled mortgage and financial services conglomerate is being investigated by the feds.
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Sale of Loan Lands Lenders in Litigation
In a case of 'he said, she said', a Boston man has filed suit against Option One Mortgage and Wells Fargo Mortgage in an attempt to keep his home. The dispute centers around the plaintiff's claim that he didn't know where to send payments for a six month period because he had never been notified the loan had been transferred.
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NovaStar Faces SEC Inquiry, Shareholder Lawsuits
Subprime lender NovaStar Financial's legal woes continue to mount as the Kansas City-based company is facing an inquiry into its business practices from the Securities and Exchange Commission (SEC) as well as a spate of class action lawsuits from disgruntled shareholders.
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Parties at Odds Over Effect of High Cost Loan Ruling
Plaintiffs' attorneys and industry insiders are sharply at odds over the impact of an Illinois appellate court ruling last week that upheld a state law prohibiting mortgage lenders in the state from writing high-cost loans. The homeowners' attorneys say the court's ruling could affect thousands of homeowners while others dismiss that claim as exaggerated.
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Citicorp Class Action Settlement Not Expected to Impact YSPs
Industry observers say a federal court's recent approval of a settlement in a class action suit involving yield spread premiums probably won't have much impact on mortgage brokers and wholesalers.
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LoanCity Hit With $3.4 Million Judgment
American Mortgage Network won a $3.4 million judgment in San Diego after jurors found LoanCity.com guilty earlier this month of unfair competition, breach of contract and stealing trade secrets.
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Mortgage Broker Settles With News Publisher
A North Carolina mortgage brokerage has reportedly settled a lawsuit with a financial news publisher that accused the company of using a copyrighted trademark to make spammed email messages appear to be from the publisher.
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Class Action Lawsuit Pending Against Ocwen
The National Community Reinvestment Coalition is preparing to file a class action lawsuit against an Ocwen Financial Corp. subsidiary for alleged abusive servicing and foreclosure practices.
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Law Firm Settles in VA, HUD Overcharging Case
The partners of a Chicago law firm have settled a federal lawsuit that accused them of overcharging federal agencies that hired the firm to foreclose on property. The suit was originally filed by a whistle-blowing mortgage broker.
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NY Vs First Horizon
An Irving, Texas-based mortgage company was sued by the state of New York for allegedly threatening a borrower with foreclosure after overcharging him by more than $25,000. The case is a challenge to the OCCs preemptive authority.
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Mortgage Lender Takes $500k Hit Over Language Issues
An Oregon jury voted to award a Spanish-speaking couple $545,000 in damages after finding they were defrauded by signing loan documents they could not read.
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WaMu Suing IndyMac
Two of the nation's largest mortgage lenders are in a $50 million court fight.
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Trade Secrets Lawsuit Prompted By Hiring of Former Employees
A West Virginia mortgage and financial services company is defending itself against charges of stealing trade secrets from a competitor.
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Discrimination Against Whites Leads to Flagstar Settlement
A Michigan lender has settled charges that it charged fees differently to whites and nonwhites. However, unlike typical cases of this nature, it was the white borrowers that paid more.
click here to read article



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