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Investor Lawsuits Surge Against Lenders

Review of second-quarter mortgage-related litigation

September 9, 2008

By MortgageDaily.com staff


An analysis of mortgage-related litigation and legal actions in the second quarter indicates active lawsuits filed by shareholders against mortgage firms jumped more than 50 percent from the prior quarter.

During the second quarter, the number of investor lawsuits tracked by MortgageDaily.com that were filed against mortgage companies totaled 14, according to the Second Quarter Mortgage Litigation Report. Four investor class-actions were tracked for IndyMac Bancorp Inc., while three investor lawsuits were covered against Downey Financial Corp. Franklin Bank Corp. faced at least two shareholder lawsuits.

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 45 lawsuits and other legal actions covered by MortgageDaily.com that saw some activity during the second-quarter 2008.

Cases tied to individual bankruptcies and foreclosures are generally excluded from the report.

New actions on active mortgage-related cases tied to bankruptcy, employment, secondary marketing and servicing all eased from the first quarter.

Among other significant case types were bankruptcy, compliance, foreclosure and mortgage fraud. Preemption, secondary marketing and servicing lawsuits were also tracked.

Category
(click for journal)
Description
# of Cases
Advertising Lawsuits about mortgage advertising, bait and switch ads, deceptive ads and do-not-call violations.
2
Bankruptcy- Consumer Legal issues surrounding borrowers who file for bankruptcy, including servicing bankrupt borrowers.
2
Bankruptcy- Corporate Litigation surrounding companies that file for bankruptcy protection or bankruptcy liquidation
3
Compliance Lawsuits and regulatory actions tied to violations of the Equal Credit Opportunity Act (ECOA), Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), Fair Housing Act, Home Mortgage Disclosure Act (HMDA), FTC Act, Home Owners Equity Protection Act (HOEPA), Real Estate Settlement Procedures Act (RESPA) and Truth In Lending Act (TILA).
3
Credit Litigation based on credit reporting and other credit issues.
2
Discrimination Class actions and lawsuits related to lending discrimination involving minorities, neighborhoods and property types.
3
Embezzlement Legal actions on mortgage-related embezzlement.
1
Employment Employment lawsuits involving overtime, employment discrimination and employment contracts. Whistleblowers and WARN notice violation cases also.
2
Fees Lawsuits involving excessive fees, servicing fees and loan fees beyond state maximums.
1
Foreclosures Servicer-related litigation, foreclosure lawsuits and cases against foreclosure rescue services.
6
Fraud Cases involving mortgage fraud, flipping, identity theft and inflated appraisals.
7
Investor Shareholder lawsuits and class actions accusing companies of inflating earnings, overstating capital position or otherwise deceiving investors in the company. Other shareholder issues.
14
Licenses Regulator lawsuits and actions against improperly licensed and unlicensed mortgage companies.
2
Preemption Lawsuits about federal regulatory preemption over state regulation.
3
Predatory Lawsuits and regulatory actions against predatory lenders.
3
Privacy Lawsuits about privacy issues.
1
Secondary Marketing Cases related to secondary marketing, warehouse lending and repurchases.
3
Servicing Litigation related to loan servicing, including escrow issues, transfer of servicing and servicing borrowers in bankruptcy and foreclosure.
2
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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