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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.


MBS Lawsuits
First-Quarter 2010 Mortgage Litigation Index

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Lawsuits related to mortgage-backed securities.

Defendant
Plaintiff
Court
Amount
Overview
Case Title
Case Number
Date Filed Link to Story
Banc of America Securities Federal Home Loan Bank of Seattle King County Superior Court of Washington na Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. Federal Home Loan Bank of Seattle v. Banc of America Securities 09-2-46319-1 SEA December 23, 2009 www.mortgagedaily.com/LitigationMbs020910.asp
Barclays Capital, Inc. Federal Home Loan Bank of Seattle King County Superior Court of Washington na Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. Federal Home Loan Bank of Seattle v. Barclays Capital Inc. 09-2-46320-4 SEA December 23, 2009 www.mortgagedaily.com/LitigationMbs020910.asp
Bear Stearns & Co., Inc. Federal Home Loan Bank of Seattle King County Superior Court of Washington na Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. Federal Home Loan Bank of Seattle v. Bear Stearns & Co, Inc. 09-2-46298-4 SEA December 23, 2009 www.mortgagedaily.com/LitigationMbs020910.asp
Countrywide Bank FSB and Countrywide Home Loans Old Republic Insurance Co. and Old Republic Insured Credit Services, Inc. Circuit Court, Cook County, Ill. na Plaintiffs seek to rescind or terminate credit indemnity policies issued on loans securitized by Countrywide based on material misrepresentations. Countrywide counterclaimed, alleging breach of contract and bad-faith. na na December of 2008 www.mortgagedaily.com/LitigationMI032910.asp
Countrywide Financial Corp. na US Dist. Court Central Dist. California na Suit by RMBS investors alleging losses due to false/misleading statements, etc. na na na www.mortgagedaily.com/LitigationMbs032910.asp
Countrywide Financial Corporation; Countrywide Home Loans Inc.; CWALT Inc.; CWMBS, Inc.; CWABS, Inc.; CWHEQ, Inc.; Countrywide Capital Markets, Countrywide Securities Corporation; JP Morgan Securities; Deutsche Bank Securities; Bear Stearns & Co, Inc.; Banc of America Securities LLC; UBS Securities LLC; Morgan Stanley & Co. Incorporated; Edward D. Jones & Co. LP; Citigroup Global Markets, Inc.; Goldman Sachs & Co.; Credit Suisse Securities LLC (USA); Greenwich Capital Markets, Inc.; Barclays Capital Inc.; HSBC Securities (USA); BNP Paribas Securities Corp; Merrill Lynch, Perce, Fenner & Smith Incorporated; Stanford L Kurland; David A Spector; Eric P. Sieracki; N. Joshua Adler; Ranjit Kripalani; Jennifer S. Sandefur; David A. Sambol Maine State Retirement System, individually and on behalf of all others similarly situated U.S. District Court for the Central District of California na Class action alleges violations of the Securities Act by issuing the certificates pursuant to registration statements and prospectus supplements that misrepresented the quality of the underlying mortgages that had been pooled and placed in the issuing trusts. The representations made in the company's prospectus supplements were materially false and misleading because at the time of the certificates offering, Countrywide's underwriting standards were not designed to evaluate a borrower's ability to repay or the true value of the mortgaged property underlying the certificates. Maine State Retirement System v. Countrywide Financial Corp. 10-cv-00302-SJO-PJW January 14, 2010 www.mortgagedaily.com/LitigationMbs020910.asp
Countrywide Securities Corp. Federal Home Loan Bank of Seattle King County Superior Court of Washington na Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. Federal Home Loan Bank of Seattle v. Countrywide Securities Corp. 09-2-46321-2 SEA December 23, 2009 www.mortgagedaily.com/LitigationMbs020910.asp
Credit Suisse First Boston Mortgage Securities Corp. Federal Home Loan Bank of Seattle King County Superior Court of Washington na Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. Federal Home Loan Bank of Seattle v. Credit Suisse First Boston Mortgage Securities Corp. 09-2-46353-1 SEA December 23, 2009 www.mortgagedaily.com/LitigationMbs020910.asp
Credit Suisse Securities (USA) LLC, Credit Suisse First Boston Mortgage Securities Corp., Deutsche Bank Securities, Inc., Deutsche Alt-A Securities, Inc., J.P. Morgan Securities, Inc., Structured Asset Mortgage Investments II, Inc., The Bear Stearns Companies, LLC, RBS Securities, Inc., RBS Acceptance, Inc., Greenwich Capital Acceptance, Inc., Morgan Stanley & Co., Inc., UBS Securities, LLC, Mortgage Asset Securitization Transactions, Inc., Banc of America Securities LLC, Banc of America Funding Corp., Banc of America Mortgage Securities, Inc., Countrywide Securities Corp., CWALT Inc., Countrywide Financial Corp., Does 1-50 Federal Home Loan Bank of San Francisco Superior Court of the State of California, County of San Francisco na Plaintiff filed complaint seeking rescission and contract damages as a result of misreps made by defendant sellers of certificates in various RMBS securitization trusts Federal Home Loan Bank of San Francisco v. Credit Suisse Securities, Inc. et al No. CGC-10-497840 March 15, 2010 www.mortgagedaily.com/LitigationMbs032910.asp
Credit Suisse Securities LLP Ambac Financial Group, Inc. New York State Supreme Court na Ambac Financial filed suit against Credit Suisse in connection with a $170 million mortgage-backed security issued by Credit Suisse. Ambac has allegedly paid $44 million in claims on the security and seeks compensatory and punitive damages, claiming representations were breached on 80 percent of the 2,500 loans it made. Ambac Financial Group, Inc. v. Credit Suisse Securities LLP na January 8, 2010 www.mortgagedaily.com/Litigation011810.asp
Deutsche Bank Securities Inc. Federal Home Loan Bank of Seattle King County Superior Court of Washington na Plaintiff filed suit because of misleading statements on the mortgage-backed securities it invested in. Defendant allegedly issued misleading statements about the quality of underwriting, originators, and quality control. Federal Home Loan Bank of Seattle v. Deutsche Bank Securities Inc. 09-2-46351-4 SEA December 23, 2009 www.mortgagedaily.com/LitigationMbs020910.asp
Deutsche Bank Securities, Inc, Deutsche Bank Alt-A Securities, Inc., DB Structured Products, Inc., J.P. Morgan Securities, Inc., Structured Asset Mortgage Investments II, Inc., The Bear Stearns Companies, LLC, Countrywide Securities Corp., Credit Suisse Securities (USA) LLC, RBS Securities, Inc., RBS Acceptance, Inc., RBS Holdings USA, Inc., Greenwich Capital Holdings, Inc., Morgan Stanley & Co., Inc., UBS Securities, LLC, Mortgage Asset Securitization Transactions, Inc., Merrill Lynch, Pierce, Fenner & Smith, Inc., Does 1-50 Federal Home Loan Bank of San Francisco Superior Court of the State of California, County of San Francisco na Plaintiff filed complaint seeking rescission and contract damages as a result of misrepresentations made by defendant sellers of certificates in various RMBS securitization trusts. Federal Home Loan Bank of San Francisco v. Deutsche Bank Securities, Inc. et al No. CGC-10-497839 March 15, 2010 www.mortgagedaily.com/LitigationMbs032910.asp
FirstPlus Home Loan Owner Trust na Greene County District Court na The Greene County District Court ruled in 2009 in favor of the plaintiff's claim that the interest paid on mortgage notes was exorbitant and that class members were entitled to recovery from the trusts. na na na www.mortgagedaily.com/LitigationMbs020910.asp
Goldman Sachs & Co. Federal Home Loan Bank of Seattle King County Superior Court of Washington na Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. Federal Home Loan Bank of Seattle v. Goldman Sachs & Co. 09-2-46349-2 SEA December 23, 2009 www.mortgagedaily.com/LitigationMbs020910.asp
MBIA Inc., MBIA Insurance Corp., and MBIA Corp. of Illinois ABN AMRO Bank N.V.; Barclays Bank PLC; BNP Paribas; Calyon; Canadian Imperial Bank of Commerce; Citibank, N.A.; HSBC Bank USA, N.A.; JPMorgan Chase Bank, N.A.; KBC Investments Cayman Islands V LTD: Merrill Lynch International; Bank of America, N.A.; Morgan Stanley Chase Capital Services Inc.; Natixis; Natixis Financial Products Inc.: Cooperative Centrale Raiffeisen-Boerenleenbank B.A., New York branch; Royal Bank of Canada; The Royal Bank of Scotland PLC; SMBC Capital Market Limited; Societe Generale; USB AG, London Branch; and Wachovia Bank, N.A. Supreme Court of the State of New York na The court denied defendants' motion to dismiss where defendants are accused of fraudulently restructuring themselves in February by stripping $5 billion out of their primary operating subsidiary MBIA Insurance to start a new business. na Index No.: 6014-75/09 May 13, 2009 www.mortgagedaily.com/LitigationMI032910.asp
Merrill Lynch Federal Home Loan Bank of Seattle King County Superior Court of Washington na Plaintiff filed suit because of misleading statements on the mortgage-backed securities it invested in. Defendant allegedly issued misleading statements about the quality of underwriting, originators, and quality control. Federal Home Loan Bank of Seattle v. Merrill Lynch 09-2-46352-2 SEA December 23, 2009 www.mortgagedaily.com/LitigationMbs020910.asp
Moody's Investors Service, Standard and Poor's Ratings Services Connecticut Attorney General Richard Blumenthal na na Conficts of interest alleged in ratings process. na na na www.mortgagedaily.com/ConncecticutVsRatingsAgenciesVideo031010.asp
Moody's; Standard and Poor's Ratings Services MBS investors U.S. District Court in New York na Investors' lawsuit was dismissed. Plaintiffs claimed the two ratings agencies misled them by disregarding ratings guidelines, operating in conflicting roles, and sacrificing independence. na na na www.mortgagedaily.com/LitigationMbs020910.asp
Morgan Stanley & Co. Inc. Federal Home Loan Bank of Seattle King County Superior Court of Washington na Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. Federal Home Loan Bank of Seattle v. Morgan Stanley & Co. Inc. 09-2-46348-4 SEA December 23, 2009 www.mortgagedaily.com/LitigationMbs020910.asp
Mortgage Asset Securitization Transactions, Inc., David Martin, Per Dyrvik, Hugh Corcoran, UBS Real Estate Securities, Inc., UBS Securities, LLC, Moody's Investor Services, Inc., and The McGraw-Hill Companies, Inc. Locals 302 and 612 of the International Union of Operating Engineers- Employers Construction Industry Retirement Trust U.S. District Court for the District of New Jersey na Purchasers of RMBS-backed pass-through certificates sued defendant sellers and credit rating agencies alleging misrepresentations. Locals 302 and 612 of the Int'l Union of Operating Engineers-Employers Construction Industry Retirement Trust v. Mortgage Asset Securitization Transactions, Inc. et al No. 2:10-cv-00898-dmc-mf February 22, 2010 www.mortgagedaily.com/LitigationMbs032910.asp
na Lehman Brothers Holdings, Inc. U.S. Bankruptcy Court for the Southern District of New York na In a decision tied to the Lehman CDO Dante, judge held that the market standard assumptions relating to the subordination of swap termination payments owed to a swap counterparty following a swap counterparty bankruptcy are unenforceable under the U.S. Bankruptcy Code. In re Lehman Brothers Holdings Inc. 08-13555 September 25, 2008 www.mortgagedaily.com/LitigationMbs020910.asp
na purchasers of MASTR Adjustable Rate Mortgages Trust Mortgage Pass-Through Certificates, Series 2007-3 na na Class action alleges misleading statements. na na na www.mortgagedaily.com/LitigationMbs032910.asp
RBS Securities, Inc. Federal Home Loan Bank of Seattle King County Superior Court of Washington na Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. Federal Home Loan Bank of Seattle v. RBS Securities Inc. 09-2-46347-6 SEA December 23, 2009 www.mortgagedaily.com/LitigationMbs020910.asp
State Street Bank Securities and Exchange Commission na $300,000,000 Settlement is in addition to nearly $350 million already paid by State Street to settle private investor claims. na na na www.mortgagedaily.com/LitigationMbs020910.asp
UBS Securities Federal Home Loan Bank of Seattle King County Superior Court of Washington na Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. Federal Home Loan Bank of Seattle v. UBS Securities 09-2-46350-6 SEA December 23, 2009 www.mortgagedaily.com/LitigationMbs020910.asp
US Bank National Association ND; Ace Securities Corp. Home Loan Trust 1999-A Asset Backed Notes, Series 1999-AA; U.S. Bank N.A.; Wilmington Trust Company; FirstPlus Home Loan Owner Trust 1996-2; FirstPlus Home Loan Owner Trust 1996-3; First Plus Home Loan Owner Trust 1996-4; FirstPlus Home Loan Owner Trust 1997-1; FirstPlus Home Loan Owner Trust 1997-2; FirstPlus Home Loan Owner Trust 1997-3; FirstPlus Home Loan Owner Trust 1997-4; FirstPlus Home Loan Owner Trust 1998-1; FirstPlus Home Loan Owner Trust 1998-2; FirstPlus Home Loan Owner Trust 1998-3; FirstPlus Home Loan Owner Trust 1998-4; FirstPlus Home Loan Owner Trust 1998-5; The Associates; CIT Group; Contimortgage Corporation; Goleta National Bank; Master Financial; Norwest Home Improvement, Inc. PSB Lending; Residential Funding Corporation Deanthony Thomas; Susan Jelinke-Thomas; Steven M. Rich U.S. Court of Appeals for the Eighth Circuit na Thomas brought suit in Missouri state court on behalf of himself and others similarly situated against thirty-three assignee banks of FirstPlus, alleging the loans they had received violated the Missouri Second Mortgage Loans Act. The Act places limits on the type and amount of closing costs and fees a lender can charge on residential, second mortgage loans secured by Missouri real estate. Specifically, Thomas alleged the subject loans violated Missouri law because (1) the borrowers were charged nonrefundable finder's fees or broker's fees that were prohibited or in excess of the fees allowed by the MSMLA and (2) FirstPlus charged certain closing costs and fees on behalf of third parties which were in excess of the costs actually charged by those third parties and then retained the difference. Thomas sought to recover the interest paid on the allegedly unlawful second mortgage loans and an order barring the collection of additional interest. Thomas v. US Bank National Association N.D. 08 3302 April 13, 2009 www.mortgagedaily.com/LitigationMbs020910.asp
Mortgage Backed Securities | MBS News | MBS Statistics
News about commercial and residential mortgage-backed securities. Stories about ratings actions and changes to servicer ratings. Studies and reports about the performance of securitizations and problem vintages and classes. Subprime, Alt-A, home equity and j u m b o analysis.


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