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Secondary Marketing Lawsuits
First Quarter 2008 Mortgage Litigation Report

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Cases related to secondary marketing, warehouse lending and repurchases.

Case Title
Baltimore American Mortgage Corp. Inc. Morgan Stanley Mortgage Capital Inc. U.S. District Court for the District of Maryland $8.2 Million plus costs Morgan Stanley wins lawsuit against a seller over repurchase demands that were not honored. Morgan Stanley Mortgage Capital Inc. v. Baltimore American Mortgage Corp. Inc.
American Home Mortgage Investment Corp. Credit Suisse First Boston and Calyon, New York Branch U.S. Bankruptcy Court, District of Delaware na American Home challenges rights of its warehouse lenders - Credit Suisse First Boston and Calyon, New York Branch - arguing that its mortgage loan repos with Credit Suisse and Calyon were not truly repurchase agreements but instead secured financings cloaked in repurchase agreement parlance extracted from the Bankruptcy Code. na
Beacon Financial Mortgage Bankers Corp. First national Bank of Arizona U.S. Bankruptcy Court, Southern District of Florida $3,700,000 Beacon filed for bankruptcy and listed First National among creditors holding a judgment. na
Beacon Financial Mortgage Bankers Corp. Gateway Bank U.S. Bankruptcy Court, Southern District of Florida $5,500,000 Beacon filed for bankruptcy and listed Gateway among creditors holding a judgment. na
Beacon Financial Mortgage Bankers Corp. Ocean Bank U.S. Bankruptcy Court, Southern District of Florida $1,700,000 Beacon filed for bankruptcy and listed Ocean among creditors holding a judgment. na
Wachovia Equity Servicing; Residential Funding Co. LLC; Household Finance Corp. III na Circuit Court of Jackson County, Missouri $5.1 million actual damages; $99 million in punitive damages Missouri jury awards $99.0 million in punitive damages - with a Resdiential Funding Co. LLC to pay the lionshare amount of $92 million - over illegal second mortgage fees allegedly collected by now defunct broker Mortgage Capital Resources and then sold to Residential. There were 304 class members. Mitchell v. Residential Funding, et al.,
Bank of America Corp.;The Bear Stearns Companies; Citigroup Inc.; Countrywide Financial Corp.; Credit Suisse; Deutsche Bank Trust Co.; GMAC-RFC; Goldman Sachs Group; Greenwich Capital Markets Inc.; HSBC Holdings PLC IndyMac Bancorp Inc.; J.P. Morgan Chase Co.; Lehman Brothers Holdings Inc.; Merrill Lynch & Co. Inc.; Morgan Stanley; Washington Mutual Inc. and Wells Fargo & Co., Ameriquest Mortgage Co., Fremont General Corp., NovaStar Financial Inc., Option One Mortgage Corp. City of Cleveland Court of Common Pleas, Cuyahoga County, Ohio na City of Cleveland alleges that defendants caused the current foreclosure crisis in Cleveland by routinely making loans to borrowers who had no ability to pay them back na
East West Mortgage Company Inc. 1st Mariner Bank U.S. District Court of the District of Maryland $15 million Wholesale lender sues mortgage broker over claims the broker fabricated and altered files on nearly $6 million in mortgages 1:08-cv-00216-BEL 1st Mariner Bank v. East West Mortgage Company, Inc.
Fannie Mae Texas Medlock Southwest Management Corp.; Jasper Housing Development Co.; Porkolab Family Trust et al. U.S. District Court, Eastern District of Texas Plaintiffs seek class certification over allegations that Fannie Mae illegally took millions of dollars in interest on escrow funds for itself instead of providing them to apartment developers, as required by HUD.

Secondary Marketing News | Correspondent Lender Directory
Mortgage portfolio trades and forward commitments. Correspondent lending, r e p u r c h a s e s and warehouse news. Secondary marketing statistics and lawsuits.

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