PRESSÂ RELEASE
Investor Lawsuits Surge Against Lenders
DALLAS — (Sept. 9, 2008) 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, according to the Second Quarter Mortgage Litigation Report released by https://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.
During the second quarter, the number of investor lawsuits tracked by MortgageDaily.com that were filed against mortgage companies totaled 14. Four investor class-actions against IndyMac Bancorp Inc. were tracked, while three investor lawsuits against Downey Financial Corp. were covered. Franklin Bank Corp. faced at least two shareholder lawsuits.
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 compliance, foreclosure and mortgage fraud.
|
Category
|
Q2 # of Cases |
Q1 # of Cases
|
| Advertising | 2 |
1
|
| Bankruptcy Consumer | 2 |
8
|
| Bankruptcy Corporate | 3 | 0 |
| Compliance | 3 | 1 |
| Credit | 2 |
3
|
| Discrimination | 3 |
2
|
| Employment | 2 |
6
|
| Fees | 1 |
2
|
| Foreclosures | 6 |
9
|
| Fraud | 7 |
3
|
| Investor | 14 |
9
|
| Licenses | 2 |
1
|
| Predatory Lending | 3 | 0 |
| Secondary Marketing | 3 |
9
|
| Servicing | 2 |
6
|
| Technology | 1 |
1
|
Read the full First Quarter 2008 Mortgage Litigation Report at:
https://www.mortgagedaily.com/LitigationQ208Report090908.asp
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. Read more about Weiner Brodsky at http://www.wbsk.com.
CONTACT:
Sam Garcia
214.521.1300
3811-700 Turtle Creek Blvd.
Dallas, TX 75219
Source:Â MortgageDaily.com
