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Q1 2008 Mortgage Litigation Report

Review of 1st-quarter mortgage related lawsuits

April 21, 2008

By MortgageDaily.com staff


First quarter mortgage litigation was concentrated in foreclosures, investors and secondary marketing this year -- though bankruptcy and servicing lawsuits grew. Mortgage fraud civil actions eased.

From January through March, nine foreclosure cases were tracked, compared to just 11 during all of last year, according to First Quarter Mortgage Litigation Report. Investor lawsuits are on track to ease from last year's pace, with nine cases tracked during the latest quarter versus 53 cases tracked during all of 2007. Nine secondary marketing lawsuits tracked are on pace to beat last year's 23 actions.

The report was prepared with the assistance of Washington, D.C.-based Weiner Brodsky Sidman Kider PC, which provides timely information and analysis of litigation that impacts mortgage bankers. The report was based on 42 lawsuits and other legal actions covered by MortgageDaily.com that saw some activity during the first quarter 2008.

While only five cases involving bankruptcy litigation were tracked during 2007, eight cases were tracked just in the first quarter. Servicing-related legal actions also appear on the rise, with six cases tracked in the first quarter putting the category on pace to exceed the 14 cases tracked for all of last year.

But lawsuits involving mortgage fraud, which numbered just three in the latest quarter, were way off pace from 25 tracked for all of last year.

"Areas of growing activity appear to be those related to rising delinquencies such as bankruptcy, foreclosures and servicing," MortgageDaily.com Publisher Sam Garcia said.

Category
(click for journal)
Description
# of Cases
Advertising Lawsuits about mortgage advertising, bait and switch ads, deceptive ads and do-not-call violations.
1
Bankruptcy Legal issues surrounding borrowers who file for bankruptcy, including servicing bankrupt borrowers.
8
Credit Litigation based on credit reporting and other credit issues.
3
Discrimination Class actions and suits related to lending discrimination involving minorities, neighborhoods and property types.
2
Down Payment Assistance Cases about the legality of DPA programs and HUD's ability to prohibit them.
1
Employment Employment lawsuits involving overtime, employment discrimination and employment contracts. Whistleblowers and WARN notice violations cases also.
6
Fees Lawsuits involving excessive fees, servicing fees and loan fees beyond state maximums.
2
Foreclosures Servicer-related litigation, foreclosure lawsuits and cases against foreclosure rescue services.
9
Fraud Cases involving mortgage fraud, flipping, identity theft and inflated appraisals.
3
Investor Shareholder lawsuits and class actions accusing companies of inflating earnings, overstating capital position or otherwise deceiving investors in the company. Other shareholder issues.
9
Licenses Regulator lawsuits against improperly licensed and unlicensed mortgage companies.
1
Net Branch Litigation involving net branch operations.
1
RESPA Litigation involving alleged violations of the Real Estate Settlement Procedures Act.
1
Secondary Marketing Cases related to secondary marketing, warehouse lending and repurchases.
9
Servicing Litigation related to loan servicing, including escrow issues, transfer of servicing and servicing borrowers in bankruptcy and foreclosure.
6
Technology Lending technology issues litigated.
1


***several cases were counted in multiple case types


Weiner Brodsky Sidman Kider PC
Weiner Brodsky Sidman Kider PC
1300 19th Street NW 5th Floor
Washington DC 20036
202.628.2000
www/WBSK.com


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