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Secondary Marketing Lawsuits First-Quarter 2010 Mortgage Litigation Index

Mortgage Daily

Published On: June 23, 2010
Secondary Marketing Lawsuits
First-Quarter 2010 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
Bank of America, N.A. BNP Paribas Mortgage Corporation U.S. District Court for the Southern District of New York na Plaintiff alleges that it lost over $1.6 billion on asset-backed notes as a result of Bank of America’s actions. The securities involved loans originated by Taylor, Bean & Whitaker Mortgage Corp. and issued by Ocala Funding LLC. Bank of America acted as trustee and allegedly failed to monitor Ocala’s use of the funds and evaluate Ocala’s assets and liabilities before complying with withdrawal requests. BNP Paribas Mortgage Corporation v. Bank of America, N.A. 1:2009cv09783 November 25, 2009 www.mortgagedaily.com/LitigationMbs020910.asp
Bank of America, N.A. Deutsche Bank A.G. U.S. District Court for the Southern District of New York na Plaintiff alleges that it lost over $1.6 billion on asset-backed notes as a result of Bank of America’s actions. The securities involved loans originated by Taylor, Bean & Whitaker Mortgage Corp. and issued by Ocala Funding LLC. Bank of America acted as trustee and allegedly failed to monitor Ocala’s use of the funds and evaluate Ocala’s assets and liabilities before complying with withdrawal requests. Deutsche Bank A.G. v. Bank of America, N.A. 1:2009cv09784 November 25, 2009 www.mortgagedaily.com/LitigationMbs020910.asp
na TMST, Inc. f/k/a Thornburg Mortgage, Inc. U.S. Bankruptcy Court for the District of Maryland na Bankruptcy trustee approves sale of $11 billion servicing portfolio. In re TMST Inc. f/k/a Thornburg Mortgage, Inc. 09-17787 May 1, 2009 www.mortgagedaily.com/Secondary012610.asp
William Everett Nichols United States U.S. Bankruptcy Court for the Western District of Louisiana $4,000,000 in restitution Defendant pled guilty to taking proceeds from a warehouse line of credit and providing fake notes to the warehouse lender, fraudulently collecting $2,900,000. United States v. Nichols Criminal No. 09-00163 July 23, 2009 www.mortgagedaily.com/LitigationCrimes020910.asp

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