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Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.


Secondary Marketing Lawsuits
First-Quarter 2011 Mortgage Litigation Index

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Cases related to secondary marketing, warehouse lending and repurchases.

Defendant
Plaintiff
Court
Amount
Overview
Case Title
Case Number
Date Filed Link to Story
Catherine L. Kissick SEC United States District Court for the Eastern District of Virginia $1,500,000,000 Kissick was in charge of Colonial Bank's Mortgage Warehouse Lending Division. It was in that capacity that she helped former Taylor Bean chairman, Lee Farkas, and treasurer, Desiree Brown, carry out a scheme involving $1.5 billion in fraudulent mortgages. Kissick recently pled guilty for her role in the fraud. SEC v. Kissick 1:11cv215LMB/JFA 3/2/2011 www.mortgagedaily.com/LawsuitsInvestors033011.asp www.mortgagedaily.com/ColonialBankPlea030211.asp
Desiree E. Brown SEC United States District Court for the Eastern District of Virginia $1,500,000,000 The SEC alleged that Brown, the former treasurer of Taylor, Bean & Whitacker, enabled the sale of $1.5 billion in fictitious and impaired mortgage loans from Taylor Bean to Colonial Bank. Brown pled guilty on 2/24/2011. SEC v. Brown 1:11cv192-GBL/TRJ 2/24/2011 (plea) www.mortgagedaily.com/LawsuitsInvestors033011.asp www.mortgagedaily.com/ColonialBankPlea030211.asp; www.mortgagedaily.com/TaylorBeanPlea022511.asp
GMAC Mortgage, LLC, Paul Martino, Sophia Phendy-Sunny, Samantha Albranski and Jasmine Khun Samuel Smith U.S. District Court for the Eastern District of California n/a Samuel Smith sued GMAC Mortgage, LLC claiming that, upon the transfer of his residential mortgage loan, the terms and payments had been changed from the original agreement and, thus, he was entitled to rescission of the loan. The trial court dismissed the case. Smith v. GMAC Mortgage, LLC, et al. 2:2010cv03131 11/19/2010 www.mortgagedaily.com/LawsuitsCompliance030311.asp
Michael J. McGrath Jr. United States of America U.S. District Court District of New Jersey $139,000,000 The defendant, the former U.S. Mortgage president and controlling shareholder, plead guilty to one count of mail and wire fraud conspiracy in connection with the company's collapse. United States of America v. Michael J. McGrath Jr. Criminal No. 09 na www.mortgagedaily.com/USMortgagePlea061209.asp
Quicken Loans, Inc. Provident Funding Associates, LP U.S. District Court for the Northern District of California, San Mateo n/a In November of 2007, Provident Funding Associates, LP filed a breach of contract action against Quicken Loans. Inc. Provident Funding Associates, LP v. Quicken Loans, Inc. 3:2007cv05680 11/8/2007 www.mortgagedaily.com/ProvidentIpo030911.asp
Radius Capital Corp., Robert A. Digiorgio SEC U.S. District Court for the Middle District of Florida n/a Radius Capital Corp. and its owner are being sued by the SEC over mortgage-backed securities it issued. The SEC has alleged that Radius told investors that the loans backing the securities were government-insured. Many of the loans, however, were not government-insured and many would not even qualify. SEC v. Radius Capital Corp. et al. 2:2011cv00116 3/7/2011 www.mortgagedaily.com/LawsuitRadius030811.asp
Raymond Bowman United States United States District Court for the Eastern District of Virginia $1,500,000,000 SEC alleges that Bowman, the former president of Taylor Bean, allegedly enabled the sale of $1.5 billion in fictitious and impaired mortgage loans from Taylor, Bean & Whitacker Mortgage Corp., Colonial's biggest customer, to Colonial Bank. Bowman has pled guilty. SEC v. Bowman 1:11-cr-00118-LMB 3/14/2011 www.mortgagedaily.com/PleaTaylorBean031411.asp
Sandra A. Ford Wells Fargo Bank, N.A. Superior Court of New Jersey- Appellate Division n/a Court held that trustee of securitization trust did not have standing to bring foreclosure action based on poor documentation of assignment of note. Wells Fargo Bank, N.A. v. Ford A-3627-06 1/28/2011 www.mortgagedaily.com/dpforeclosurenj020311
StellarOne Corp. investor na $1,450,000 Settlement reached to resolve repurchase liabilities with primary investors to resolve repurchase demands and "make-whole" indemnification claims on residential loans acquired by the investor from StellerOne's wholesale and retail divisions prior to 2009. na na na www.mortgagedaily.com/SettlementStellarOne010511.asp
Teresa A. Kelly SEC United States District Court for the Eastern District of Virginia $1,500,000,000 SEC alleges that Kelly, a former operations supervisor of Colonial Bank, enabled the sale of $1.5 billion in fictitious and impaired mortgage loans from Taylor, Bean & Whitacker Mortgage Corp., Colonial's biggest customer, to Colonial Bank. SEC v. Kelly 1:11cv268LMB/TRJ 3/16/2011 www.mortgagedaily.com/LawsuitsInvestors033011.asp
Young America Mortgage Corp. ING Bank, FSB Superior Court of the County of Los Angeles $328,500 Buyer of mortgage loans sued seller demanding repurchase of the loans based on alleged breaches of warranty re: accuracy of information about borrower in the loan file. Court reversed grant of summary judgment stating that buyer failed to prove damages because it did not introduce evidence that it foreclosed on the property securing the loan, nor did it show that the value of the home was less than the amount owed. Young America Mortgage Corp. v. Superior Court of the County of Los Angeles, ING Bank, FSB B219955 2/22/2011 www.mortgagedaily.com/lawsuiting022311.asp

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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