PRESS RELEASE
Mortgage Servicing Litigation Grows
DALLAS -- (April 21, 2008) Rising delinquencies, bankruptcies and foreclosures left mortgage servicers fighting more legal actions, according to the First Quarter 2008 Mortgage Litigation Report released by http://www.MortgageDaily.com. The report, based on cases covered by MortgageDaily.com, was prepared in conjunction with the law firm of Weiner Brodsky Sidman Kider PC, which is known as a leader for its work in mortgage banking litigation.
The report analyzed 42 cases covered by MortgageDaily.com that saw some activity during the first quarter 2008.
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.
From January through March, nine foreclosure cases were tracked, compared to just 11 during all of last year. The cases often involved challenges to foreclosure actions. 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.
"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
|
# of Cases
|
| Advertising |
1
|
| Bankruptcy |
8
|
| Credit |
3
|
| Discrimination |
2
|
| Down Payment Assistance |
1
|
| Employment |
6
|
| Fees |
2
|
| Foreclosures |
9
|
| Fraud |
3
|
| Investor |
9
|
| Licenses |
1
|
| Net Branch |
1
|
| RESPA |
1
|
| Secondary Marketing |
9
|
| Servicing |
6
|
| Technology |
1
|
Read the full First Quarter 2008 Mortgage Litigation Report at:
http://www.mortgagedaily.com/LitigationQ108Report042108.asp?spcode=pr
About MortgageDaily.com
Founded in 1998, MortgageDaily.com is a dominant mortgage industry news source. Around one million mortgage business news pages are viewed monthly at MortgageDaily.com and its affiliate publications.
About Weiner Brodsky Sidman Kider PC
Weiner Brodsky Sidman Kider PC has a nationwide residential mortgage banking and financial services practice that offers full-service legal representation and counseling for clients, with teams devoted to federal and state licensing and regulatory compliance, transactions, representation before government agencies and litigation, including the defense of nationwide class action lawsuits against financial institutions and settlement service providers.
CONTACT:
Sam Garcia
214.521.1300
3811-700 Turtle Creek Blvd.
Dallas, TX 75219
Source: MortgageDaily.com
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