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Mortgage Lawsuits News | Mortgage Litigation Index
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Predatory Lending Lawsuits
Third Quarter 2008 Mortgage Litigation Report

main report page

Lawsuits and regulatory actions against predatory lenders.

Defendant
Plaintiff
Court
Amount
Overview
Case Title
Case Number
Date Filed Link to StoryLink to Story
Countrywide Financial Corp., Countrywide Home Loans Inc., Countrywide Home Loans Servicing LP, Full Spectrum Lending Inc. and former chairman and chief executive officer Angelo R. Mozilo State of West Virginia na na The state claims the Calabasas, Calif.-based company made loans to West Virginia borrowers "on terms that were unaffordable and unconscionable." na na na www.mortgagedaily.com/LawsuitCountrywideWVa081308.asp
Countrywide Financial Corporation, Countrywide Home Loans Inc., and Countrywide Home Loans Servicing LP State of Connecticut, Attorney General and Commissioner of Banking Superior Court, Judicial District of Hartford Civil penalties of up to $100,000 per violation, up to $5,000 per violation of state consumer protection laws, restitution for the borrowers and give back ill-gotten gains. The Connecticut Attorney General alleges overcharging, mortgage fraud and poor underwriting by Countrywide. State of Connecticut v. Countrywide Financial Corp., et al. na July 28, 2008 www.mortgagedaily.com/LawsuitCountrywideCt080608.asp
Countrywide Financial Corporation, et al People of the State of California (by City of San Diego) San Diego Superior Court na San Diego accuses Countrywide of engaging in a "pattern of unlawful, fraudulent or unfair predatory real estate lending practices." The alleged activities have left a number of the city's residents facing foreclosure. People v. Countrywide Financial Corp., et al. na July 23, 2008 www.mortgagedaily.com/LawsuitSanDiegoCountrywide072308.asp
Countrywide Financial Corporation, et al Office of the Attorney General, State of Florida Circuit Court of the Seventeenth Judicial Circuit, Broward County na Florida Attorney General Bill McCollum announced another lawsuit against Countrywide and its legendary founder, Angelo Mozilo, claiming the company deceived borrowers into signing risky loans. "Office of the Attorney General, Department of Legal Affairs, State of Florida v. Countrywide Financial Corporation, et al No. 08 30105 03 June 30, 2008 www.mortgagedaily.com/CountrywideSale070108.asp
Countrywide, Angelo Mozilo (Chairman and CEO) & David Sambol (President) People of the State of California Los Angeles Superior Court na California's attorney general has filed an amended complaint alleging "twenty new details about the company's scheme to deceive consumers into taking out dangerous mortgages." People v. Countrywide Financial Corp. LC081846 June 25, 2008 www.mortgagedaily.com/LawsuitCountrywideCa071808.asp
Countywide Home Loans, Inc. and Countrywide Financial Corp. State of Indiana Steuben County Court $15,500 per violation, plus voiding of loans and/or prepayment penalties. An investigation by Indiana's attorney general has led to a lawsuit against Countrywide, which alleges mortgage fraud and customer deceit. Indiana v. Countrywide Financial Corp., et al. 493710-1 na www.mortgagedaily.com/LawsuitCountrywideIn082508.asp
Magellan Mortgage Corporation and Thomas Heflin Attorney General, State of Ohio and Ohio Department of Commerce Court of Common Pleas, Franklin County na Magellan is accused of providing estimated values on appraisal requests; failing to make required disclosures; violating the Truth in Lending Act; placing borrowers in loans they could not afford to repay; and churning borrowers by refinancing them even when there was no tangible benefit. Heflin charged appraisal fees that were substantially higher than his competitors. Ohio v. Magellan Mortgage Corp., et al. Case No. 08CVH8 11344 Aug. 7, 2008 www.mortgagedaily.com/LawsuitsOhioAg080808.asp

Predatory Lending News
FTC and HUD settlements. Class action lawsuits. Predatory lending prevention. Archives back to 2001.





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