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Secondary Marketing Lawsuits Fourth-Quarter 2009 Mortgage Litigation Index

Mortgage Daily

Published On: March 8, 2010
Secondary Marketing Lawsuits
Fourth-Quarter 2009 Mortgage Litigation Index
Cases related to secondary marketing, warehouse lending and repurchases.
Defendant
Plaintiff
Court
Amount
Overview
 Case Title
Case Number
 Date Filed Link to Story
Ideal Mortgage Bankers LTD dba Lend America United States of America U.S. District Court for the Eastern District of New York na HUD blocked from cutting FHA approval.The defendant was accused of abusing its authority under the U.S. Department of Housing and Urban Development’s Direct Endorsement Program by manipulating loan files and falsely certifying that loans met FHA guidelines. The court denied the government’s request for an order prohibiting Lend America from originating FHA insured loans in light of Ideal Mortgage Bankers’ massive operational overhall implemented to tighten compliance and prevent fraud. United States of America v. Ideal Mortgage Bankers, LTD et al. 2:09-cv-04484-JFB -WDW Oct. 20, 2009 www.mortgagedaily.com/LawsuitLendAmerica102109.asp, www.mortgagedaily.com/LawsuitDojLendAmerica102009.asp, www.mortgagedaily.com/LendAmericaFha113009.asp
Mariano Ortega and Rene Alverez People Santa Clara County Superior Court na The defendants are being prosecuted for allegedly collecting more than $2 million in advance fee-payments with promises that their company, M & R Contemporary Solutions Inc., would purchase borrowers’ mortgages on the secondary market and then modify the loans when in fact no borrowers were ever helped. People v. Mariano Ortega and Rene Alverez No. cc 954156 Sept. 2009 www.mortgagedaily.com/ModificationLitigation100809.asp
Peter Anthony Bakowski United States of America U.S. District Court for the Middle District of Florida, Tampa Division na The defendant mortgage broker plead guilty to selling the same mortgage notes to multiple investors in a scheme that led to millions of dollars in losses. The defendant was also accused of hiding existing liens from potential buyers and taking out loans on properties even though the properties were already mortgaged. United States of America vs. Peter Anthony Bakowski Case No. 8:09MJ1409 MAP Sept. 11, 2009 www.mortgagedaily.com/PleaBarkowski102609.asp
William E. Nichols United States of America U.S. District Court for the Western District of Louisiana $2,900,000 William Everett Nichols, President and sole shareholder of First Fidelity Mortgage, Inc. plead guilty to defrauding Sabine State Bank out of $2.9 million. Sabine State Bank had provided a line of credit to First Fidelity Mortgage to fund mortgages for its customers, which were secured by customer notes pledged by First Fidelity. Thereafter, Nichols prepared fraudulent notes by forging signatures of borrowers and notaries public and delivered the notes to Sabine State Bank as collateral so Sabine would deposit more funds into First Fidelity’s Mortgage’s account. Once Sabine deposited the money, Nichols would keep the money for himself. United States v, William Everett Nichols 5:09-cr-00163-DEW-MLH July 23, 2009 www.mortgagedaily.com/LawsuitFirstFidelity110909.asp

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