|
Defendant
|
Plaintiff
|
Court
|
Amount
|
Overview
|
Case Title |
Case Number
|
Date Filed |
Link to Story |
| Federal Housing Finance Agency, Fannie Mae, Freddie Mac |
People of the State of California |
United States District Court for the Northern District of California |
n/a |
California filed suit to prevent GSE’s from blocking the Property Assessed Clean Energy (PACE) program, which allows homeowners to pay for energy efficiency improvements through increased property taxes. |
People of the State of California ex rel. Edmund G. Brown Jr. v. Federal Housing Finance Agency et al. |
C10-03084 |
07/14/10 |
www.mortgagedaily.com/litigationsecondary051111.asp |
| Board of Governors of the Federal Reserve System; Ben S. Bernanke, Honorable, Chairman of the Board of Governors of the Federal Reserve System; Sandra F. Braunstein, Director, Division of Consumer and Community Affairs; and Board of Governors of the Federal Reserve System |
National Association of Mortgage Brokers; National Association of Independent Housing Professionals, Inc. |
United States Court of Appeals for the District of Columbia Circuit |
n/a |
In two consolidated lawsuits, the U.S. Court of Appeals for the District of Columbia Circuit lifted the stay on the loan officer compensation rule. Plaintiffs filed suit challenging the requirement that if a mortgage broker receives compensation directly from the consumer, then the loan originator in the transaction must be paid on an hourly basis and cannot receive a commission. |
Nat’l Assoc. of Mortgage Brokers v. FRS, et al. |
11-0507; 11-5079 |
03/31/11 |
www.mortgagedaily.com/LawsuitNamb040711.asp;Â www.mortgagedaily.com/LawsuitNaihp040611.asp;Â www.mortgagedaily.com/LawsuitBrokerVFed040511.asp;Â www.mortgagedaily.com/LawsuitBrokerVFedDenial040511.asp;Â www.mortgagedaily.com/LawsuitBrokerVFed040411.asp;Â www.mortgagedaily.com/LoCompRuleStay040111.asp |
| Ally Financial Inc., Detroit, Michigan; Ally Bank, Midvale, Utah; Residential Capital, LLC, Minneapolis, Minnesota; and GMAC Mortgage, LLC, Fort Washington, Pennsylvania |
n/a |
United States of America Before the Board of Governors of the Federal Reserve System, Washington, D.C.; Federal Deposit Insurance Corporation, Washington, D.C. |
n/a |
Ally Financial Inc. consented to the issuance of a Consent Order whereby it agreed to remediate unsound practices relating to mortgage servicing and the initiation and handling of foreclosures. |
In re: Ally Financial Inc. |
FRB Docket No. 11-020-B-HC; 11-020-B-DEO; FDIC-11-123b |
n/a |
www.mortgagedaily.com/OccConsentOrderAlly041311.asp |
| Aurora Bank FSB |
n/a |
United States of America Before the Office of Thrift Supervision |
n/a |
Aurora Bank FSB consented to the issuance of a Consent Order whereby it agreed to remediate unsound practices relating to mortgage servicing and the initiation and handling of foreclosures. |
In re: Aurora Bank FSB |
NE-11-16 |
n/a |
www.mortgagedaily.com/OccConsentOrderAurora041311.asp |
| Bank of America, N.A., Charlotte, NC |
n/a |
United States of America Department of the Treasury Comptroller of the Currency |
n/a |
Bank of America, N.A. consented to the issuance of a Consent Order whereby it agreed to remediate unsound practices relating to mortgage servicing and the initiation and handling of foreclosures. |
In re: Bank of Am., N.A. |
AA-EC-11-12 |
n/a |
www.mortgagedaily.com/OccConsentOrderBoa041311.asp |
| JPMorgan Chase Bank, N.A., New York, NY |
n/a |
United States of America Department of the Treasury Comptroller of the Currency |
n/a |
JPMorgan Chase Bank, N.A. consented to the issuance of a Consent Order whereby it agreed to remediate unsound practices relating to mortgage servicing and the initiation and handling of foreclosures. |
In re: JPMorgan Chase Bank, N.A. |
AA-EC-11-15 |
n/a |
www.mortgagedaily.com/OccConsentOrderChase041311.asp |
| HSBC Bank USA, N.A., McLean, Virginia |
n/a |
United States of America Department of Treasury Comptroller of the Currency |
n/a |
HSBC Bank USA, N.A. consented to the issuance of a Consent Order agreeing to remediate unsound practices relating to mortgage servicing and the initiation and handling of foreclosures. |
In re: HSBC Bank USA, N.A. |
AA-EC-11-14 |
n/a |
www.mortgagedaily.com/OccConsentOrderHSBC041311.asp |
| Lender Processing Services, Inc., Jacksonville, Florida; DocX, LLC, Alpharetta, Georgia; and LPS Default Solutions, Inc., Mendota Heights, Minnesota |
n/a |
Before the Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation; Officer of Comptroller of the Currency; Office of Thrift Supervision |
n/a |
Lender Processing Services, Inc. consented to the issuance of a Consent Order agreeing to remediate unsound practices relating to mortgage servicing and the initiation and handling of foreclosures. |
In re: Lender Processing Services, Inc. |
FRB Docket Nos. 11-052-B-SC-1; 11-052-B-SC-2; 11-052-B-SC-3; FDIC-11-204b; OCC AA-EC-11-46; OTS DC-11-039 |
n/a |
www.mortgagedaily.com/OccConsentOrderLPS041311.asp |
| MetLife Bank, N.A., Bridgewater, New Jersey |
n/a |
United States of America Department of the Treasury Comptroller of the Currency |
n/a |
MetLife Bank, N.A. consented to the issuance of a Consent Order whereby it agreed to remediate unsound practices relating to mortgage servicing and the initiation and handling of foreclosures. |
In re: MetLife Bank, N.A. |
AA-EC-11-16 |
n/a |
www.mortgagedaily.com/OccConsentOrderMetlife041311.asp |
| PNC Bank, N.A., Wilmington, Delaware |
n/a |
United States of America Department of the Treasury Comptroller of the Currency |
n/a |
PNC Bank, N.A. consented to the issuance of a Consent Order whereby it agreed to remediate unsound practices relating to mortgage servicing and the initiation and handling of foreclosures. |
In re: PNC Bank, N.A. |
AA-EC-11-17 |
n/a |
www.mortgagedaily.com/OccConsentOrderPNC041311.asp |
| Sovereign Bank |
n/a |
Office of Thrift Supervision |
n/a |
Sovereign Bank consented to the issuance of a Consent Order by the Office of Thrift Supervision requiring the remediation of unsafe and unsound banking practices relating to mortgage servicing and the initiation and handling of foreclosure proceedings. |
In re: Sovereign Bank |
NE-11-17 |
n/a |
www.mortgagedaily.com/OccConsentOrderSovereign041311.asp |
| Suntrust Banks, Inc., Atlanta, Georgia; Suntrust Bank, Atlanta, Georgia; and Suntrust Mortgage, Inc., Richmond, Virginia |
n/a |
United States of America Before the Board of Governors of the Federal Reserve System |
n/a |
Suntrust Banks, Inc. consented to the issuance of a Consent Order whereby it agreed to remediate unsound practices relating to mortgage servicing and the initiation and handling of foreclosures. |
In re: Suntrust Banks, Inc. |
11-021-B-HC; 11-021-B-SM; 11-021-B-DEO |
n/a |
www.mortgagedaily.com/OccConsentOrderSuntrust041311.asp |
| U.S. Bank National Association, Cincinnati, Ohio; and U.S. Bank National Association ND, Fargo, North Dakota |
n/a |
United States of America Department of the Treasury Comptroller of the Currency |
n/a |
U.S. Bank National Association consented to the issuance of a Consent Order whereby it agreed to remediate unsound practices relating to mortgage servicing and the initiation and handling of foreclosures. |
In re: U.S. Bank Nat’l Assoc. |
AA-EC-11-18 |
n/a |
www.mortgagedaily.com/OccConsentOrderUSBank041311.asp |
| Wells Fargo Bank, N.A., Sioux Falls, South Dakota |
n/a |
United States of America Department of the Treasury Comptroller of the Currency |
n/a |
Wells Fargo Bank, N.A. consented to the issuance of a Consent Order whereby it agreed to remediate unsound practices relating to mortgage servicing and the initiation and handling of foreclosures. |
In re: Wells Fargo Bank, N.A. |
AA-EC-11-19 |
n/a |
www.mortgagedaily.com/OccConsentOrderWells041311.asp |
| Jerry J. Williams, Francesco “Frank” Mileto, Thomas Hebble and Angel Guerzon |
United States |
United States District Court for the Middle District of Florida |
$82,000,000 |
A grand jury returned an indictment against Jerry J. Williams. He was the president, chief executive officer, and chairman of the board of Orion Bancorp, Inc., and the former Orion Bank, a federally insured financial institution, that was headquartered in Naples, Florida. The indictment alleges that Williams orchestrated a complex conspiracy to fraudulently raise capital and falsify bank records in order to mislead state and federal regulators as to the bank’s true financial condition. |
U.S. v. Williams |
n/a |
n/a |
www.mortgagedaily.com/LitigationCriminal041211.asp |
| Donna Shebetich |
United States |
United States District Court for the Western District of Pennsylvania |
n/a |
Shebetich pleaded guilty in June to filing a false report to bank regulators. Shebetich was vice president, director and loan officer for Metropolitan Savings Bank when she filed five reports in 2005 and 2006 that understated how many of the bank’s mortgages had gone delinquent. The government estimates that the FDIC and 24 individuals whose deposits weren’t entirely covered by FDIC insurance lost more than $10.2 million. |
United States v. Shebetich |
n/a |
n/a |
www.mortgagedaily.com/MctPleaMetropolitan061511.asp |
| Board of Governors of the Federal Reserve System |
National Association of Independent Housing Professionals, Inc. |
United States District Court for the District of Columbia |
n/a |
Trade Association withdraws lawsuit seeking to block implementation of Regulation Z |
National Association of Independent Housing Professionals, Inc. v. Board of Governors of the Federal Reserve System |
n/a |
n/a |
www.mortgagedaily.com/litigationemployment050211.asp |
| Bryan D’Antonio, Data Medical Capital, Inc., The Rodis Law Group Inc., America’s Law Group and The Financial Law Group, Inc. |
Federal Trade Commission |
United States District Court in the Central District of California, Southern Division |
$11,400,000 |
The FTC mailed 1,455 refund checks to customers of The Rodis Law Group Inc., America’s Law Group and the Financial Law group Inc., after Bryan D’Antonio and the companies falsely promised delinquent borrowers that they could stop foreclosures and negotiate better loan terms, charging borrowers up to $5,500. The FTC had previously obtained a $11.4 million judgment against Defendants. |
Federal Trade Commission v. Data Medical Capital, Inc., et al. |
FTC File No. X000001; Civ. No SA-CV-99-1266-AHS (Eex) |
04/01/09 |
www.mortgagedaily.com/LitigationForeclosureFirms063011.asp |
| Home Assure, LLC, B Home Associates, LLC d/b/a Expert Foreclosures, Brian Blanchard, individually and as a member, officer, or director of Home Assure, LLC and B Home Associates, LLC, and Michael Grieco, Michael Trimarco, and Nicolas Molina, individually and as members, officers, or directors of Home Assure, LLC |
Federal Trade Commission |
United States District Court for the Middle District of Florida, Tampa Division |
$2,400,000 |
The FTC mailed refunds totaling $2.3 million to 1,410 borrowers who were allegedly defrauded by Home Assure, LLC. The company settled allegations last year that it charged as much as $2,500 in up-front fees but did little or nothing to help customers avoid foreclosure. |
Federal Trade Commission v. Home Assure, LLC, et al. |
FTC File No. 082 3192; Civ. No 8:09-cv-547-T-23TBM |
03/24/09 |
www.mortgagedaily.com/LitigationForeclosureFirms063011.asp |
| Citibank, N.A. |
Comptroller of the Currency, Federal Reserve, FDIC, Office of Thrift Supervision, Federal Housing Finance Agency |
n/a |
n/a |
Consent order governing deficiencies in residential mortgage servicing practices of Citibank |
In the Matter of Citibank, N.A. |
n/a |
03/29/11 |
www.mortgagedaily.com/ServicerSettlement041311.asp |
| Everbank |
Office of Thrift Supervision |
n/a |
n/a |
Consent order governing deficiencies in residential mortgage servicing practices of Everbank. |
In the Matter of Everbank |
n/a |
n/a |
www.mortgagedaily.com/ServicerSettlement041311.asp |
| MERSCORP, Inc, Mortgage Electronic Registration Systems, Inc. |
Comptroller of the Currency, Federal Reserve, FDIC, Office of Thrift Supervision, Federal Housing Finance Agency |
n/a |
n/a |
Governmental agencies enter into consent order with MERS re: deficiencies related to tracking of documentation and tracking of residential loan mortgages and servicing |
In the Matter of MERSCORP, Inc. |
n/a |
04/13/11 |
www.mortgagedaily.com/ServicerSettlement041311.asp |
| Onewest Bank, FSB |
Office of Thrift Supervision |
n/a |
n/a |
Consent order governing deficiencies in residential mortgage servicing practices of Onewest |
In the Matter of Onewest Bank, FSB |
n/a |
n/a |
www.mortgagedaily.com/ServicerSettlement041311.asp |
| RBS Securities, Inc., f/k/a Greenwich Capital Markets, Inc., Greenwich Capital Acceptance, Inc., Financial Asset Securities Corp., Fremont Mortgage Securities Corp., Residential Funding Mortgage Securities II, Inc., Indymac MBS, Inc., Novastar Mortgage Funding Corp., Nomura Home Equity Loan, Inc., Lares Asset Securitization, Inc., Saxon Asset Securities Co., and Wachovia Mortgage Loan Trust LLC |
National Credit Union Administration Board, as Liquidating Agent for U.S. Central Federal Credit Union |
United States District Court for the District of Kansas |
$400,000,000 |
Defendants are accused of violating federal and state securities laws and misrepresenting the sale of hundreds of securities to five failed credit unions that the NCUA took over as liquidating agent. Investigations uncovered numerous material misrepresentations by the underwriters in the offering documents, according to Plaintiff. 2 lawsuits totaled $800 mil in damages; attributed half. |
National Credit Union Administration Board v. RBS Securities Inc., et al. |
2:11-cv-02340-RDR-KGS |
06/20/11 |
www.mortgagedaily.com/LawsuitNcua062011.asp |
| Morgan Keegan & Company, Inc., Morgan Asset Management, Inc., James C. Kelsoe, Jr. and Joseph Thompson Waller, CPA |
U.S. Securities and Exchange Commission, Financial Industry Regulatory Authority, and regulators in the states of Tennessee, Kentucky, Alabama, Mississippi and South Carolina |
United States of America before the Securities and Exchange Commission |
$200,000,000 |
Defendants entered into a settlement agreement with regulators and agreed to pay $200 million to settle civil fraud charges that it defrauded investors, including many in Georgia, who bought into funds that included subprime mortgage loans that soured when the housing market fell. |
In the Matter of Morgan Keegan & Company, Inc., Morgan Asset Management, Inc., James C. Kelsoe, Jr. and Joseph Thompson Waller, CPA |
Administrative File No. 3-13847 |
04/07/10 |
www.mortgagedaily.com/MctSettlementRegions062211.asp |
| J.P. Morgan Securities LLC (f/k/a J.P. Morgan Securities Inc. |
U.S. Securities and Exchange Commission |
United States District Court Southern District of New York |
$153,600,000 |
J.P. Morgan agreed to pay $153.6 million to settle claims that it misled investors in complex mortgage pools as the housing market fell. |
Securities and Exchange Commission v. J.P. Morgan Securities LLC |
11-04206 |
06/21/11 |
www.mortgagedaily.com/MctSettlementRegions062211.asp www.mortgagedaily.com/SettlementJpMorganSEC062111.asp |
| Edward S. Steffelin |
U.S. Securities and Exchange Commission |
United States District Court Southern District of New York |
n/a |
Defendant is accused of heading a team at GSCP (NJ) L.P. — an experienced investment advisory firm of bankrupt GSC Capital Corp.–that was promoted as the firm that actually assembled the CDO that J.P. Morgan structured and marketed to investors, which resulted in a SEC lawsuit against J.P. Morgan. Steffelin allegedly drafted and approved marketing materials promoting GSC’s selection of the portfolio without disclosing to investors that a prominent hedge fund named Magnetar played a role in the selection process. Magnetar held a $600 million short position and stood to profit if the CDO failed. |
Securities and Exchange Commission v. Steffelin |
11-04204 |
06/21/11 |
www.mortgagedaily.com/SettlementJpMorganSEC062111.asp |
| J.P. Morgan Securities LLC, J.P. Morgan Acceptance Corporation I, American Home Mortgage Assets LLC, Indymac MBS, Inc., and Bond Securitization, LLC |
National Credit Union Administration Board, as Liquidating Agent of U.S. Central Federal Credit Union, Western Corporate Federal Union, Members United Corporate Federal Credit Union, and Southwest Corporate Federal Credit Union |
United States District Court for the District of Kansas |
$400,000,000 |
Plaintiff alleges that Defendant violated federal and state securities laws and misrepresented the sale of hundreds of securities to five failed credit unions that the NCUA took over as liquidating agent. 2 lawsuits totaled $800 mil in damages; attributed half. |
National Credit Union Administration Board v. J.P. Morgan Securities LLC ,et al. |
11-cv-2341 EFM/JPO |
06/20/11 |
www.mortgagedaily.com/SettlementJpMorganSEC062111.asp |
| Radius Capital Corp., Robert A. DiGiorgio |
SEC |
United States District Court for the Middle District of Florida |
Injunctive relief |
The SEC alleges that DiGiorgio and Radius misrepresented to Ginnie Mae and MBS investors that 15 MBS were filled with loans insured by the FHA when they in fact were not FHA-insurable. DiGiorgio disputes allegations in phone interview. |
SEC v. Radius Capital Corp. |
2:11-cv-00116-JES-DNF |
03/07/11 |
www.mortgagedaily.com/LawsuitRadius052711.asp |
| First Universal Lending, LLC, a limited liability company, Sean Zausner, individually and as owner, officer, or manager of First Universal Lending, LLC, David Zausner, individually and as owner, officer or manager of First Universal Lending, LLC, and David J. Feingold, individually and as owner, officer or manager of First Universal Lending, LLC |
Federal Trade Commission |
United States District Court for the Southern District of Florida |
$18,800,000 |
A Florida mortgage firm and its owners have agreed to a settlement of almost $19 million over allegations that they deceived delinquent borrowers, collected huge up-front fees and told borrowers to stop making mortgage payments so that they could obtain a loan modification. The FTC alleged that the Defendants did little or nothing to help borrowers. |
Federal Trade Commission v. First Universal Lending, LLC et al. |
09-CV-82322; FTC File No. 092 3130 |
11/18/09 |
www.mortgagedaily.com/SettlementFtc062111.asp |
