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  3. Secondary Marketing Lawsuits Second Quarter 2009 Mortgage Litigation Report

Secondary Marketing Lawsuits Second Quarter 2009 Mortgage Litigation Report

Mortgage Daily

Published On: August 24, 2009
Secondary Marketing Lawsuits
Second 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
Empire Equity Group Inc., d/b/a 1st Metropolitan Flagstar Bank FSB n/a $1 million Defendants paid breach of contract settlement for failing to repurchase a loan. Secondary, net branch Flagstar Bank FSB v. Empire Equity Group Inc. [d/b/a 1st Metropolitan Mortgage and Chicago Title Insurance Company] 2:2008cv11868 1-May-2008 www.mortgagedaily.com/1stMetropolitan051309.asp
Michael J. McGrath Jr. U.S. Attorney Ralph J. Marra Jr. U.S. District Court District of New Jersey $14,000,000 Guilty plea over fraudulently selling oans not owned by U.S. Mortgage to Fannie Mae. secondary, criminal, embezzlement United States of America v. Michael J. McGrath Jr. Criminal No. 09 n.a. www.mortgagedaily.com/USMortgagePlea061209.asp
Steven Gordon U.S. Attorney for the Southern District of Florida U.S. District Court for the Southern District of Florida $2,800,000 36-month sentence for altering data on loan files that earned defendant higher commissions. criminal, secondary n.a. n.a. n.a. www.mortgagedaily.com/Lawsuits051209.asp
U.S. Mortgage Corp. Picatinny Federal Credit Union U.S. Bankruptcy Court for the District of New Jersey $14,000,000 Loans not owned by U.S. Mortgage fraudulently sold to Fannie Mae. secondary, bankruptcy corporate In re: U.S. Mortgage Corp., Debtor. Picatinny Federal credit Union, Plaintiff, v. U.S. Mortgage Corp., and CU National Mortgage, LLC, a division of U.S. Mortgage Corp., Defendants Case No. 09-14301 3-Mar-2009 www.mortgagedaily.com/USMortgagePlea061209.asp
Wachovia Bank, N.A. AIG Federal Savings Bank U.S. District Court for the District of Delaware $976,887 Defendant alledgedly did not honor repurchase obligations on HELOCs that AIGFSB. Case moved from state to federal court. secondary. HELOC AIG Federal Savings Bank v. Wachovia Bank, N.A. Case No. 4439-VCS, 1:09-cv-00242-UNA 20-Mar-2009 www.mortgagedaily.com/LawsuitAIGvWachovia041709.asp

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