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Secondary Marketing Lawsuits First Quarter 2009 Mortgage Litigation Report

Mortgage Daily

Published On: May 26, 2009
Secondary Marketing Lawsuits
First Quarter 2009 Mortgage Litigation Report
Cases related to secondary marketing, warehouse lending and repurchases.
Defendant
Plaintiff
Court
Amount
Overview
 Case Title
Case Number
 Date Filed Link to Story
FDIC Beal Bank, S.S.B. U.S. District Court for the District of Columbia $90,000,000 The FDIC agreed to settle allegations it refused to repurchase more than 1,000 defaulted subprime mortgages originated by a failed Illinois bank that it took over. Beal Bank, S.S.B. v. FDIC No. 1:02-CV-02146 Oct. 31, 2002 www.mortgagedaily.com/LawsuitBeal012009.asp
First Republic Mortgage Bankers, Inc., a/k/a 1st Republic Mortgage Bankers, Inc. Firstrust Bank U.S. District Court for the Eastern District of Pennsylvania $5,495,977 An attorney appeared on behalf of 1st Republic and confessed judgment in favor of plaintiff. Firstrust Bank v. First Republic Mortgage Bankers, Inc. No.: 09-0192 Jan. 14, 2009 www.mortgagedaily.com/Closure1stRepublic012309.asp
1st Republic Mortgage Bankers, Inc. a/k/a First Republic Mortgage Bankers, Inc. and Scott Sisskind Firstrust Bank U.S. District Court of Eastern New York na Second lawsuit seeks “an injunction prohibiting defendants from transferring their assets in violation of the New York Debtor and Creditor Law and an order setting aside and/or disregarding the fraudulent conveyances made by defendants.” Firstrust Bank v. 1st Republic Mortgage Bankers, Inc. No.: CV-09 177 Jan. 16, 2009 www.mortgagedaily.com/Closure1stRepublic012309.asp
Home Loan Consultant, Inc. The Biltmore Bank of Arizona Arizona Superior Court na Biltmore alleges breach of contract. na na na www.mortgagedaily.com/ClosingHomeLoan032409.asp
U.S. Mortgage Corp; CU National Mortgage LLC Picatinny Federal Credit Union U.S. Bankruptcy Court for the District of New Jersey $14,000,000 Credit union claims that more than $14 million in mortgages it owned were fraudulently sold. Picatinny Federal Credit Union v. U.S. Mortgage Corp. Case No. 09-14301 (RG) Mar. 3, 2009 www.mortgagedaily.com/LawsuitCuNational031809.asp

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