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Secondary Marketing Lawsuits Second-Quarter 2010 Mortgage Litigation Index

Mortgage Daily

Published On: September 13, 2010
Secondary Marketing Lawsuits
Second-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
Lee Farkas United States of America and the SEC U.S. District Court for the Middle District of Florida (criminal case) and U.S. District Court for the Eastern District of Virginia (civil case) $400,000,000 Defendant is the former chairman of Taylor, Bean and Whitaker Mortgage Corp., and faces criminal and civil allegations of allegedly using $400 million in warehouse financing to fund fake loans to cover up Taylor Bean and Whitaker’s overdrafts and operating losses. Securities and Exchange Commission, Plaintiff, v. Lee B. Farkas, Defendant. Civil Action File No. 1:10cv667 16-Jun-10 www.mortgagedaily.com/ArrestLeeFarkas061610.asp
Michael J. McGrath Jr. and Leroy Hayden United States of America U.S. District Court -District of New Jersey $136,000,000 A second person, Leroy Hayden, pleaded guilty to one count of wire fraud conspiracy in a case where a lender sold Fannie Mae $136 million in mortgages that it did not own. Hayden allegedly conspired with co-defendant McGrath to fraudulently sell the loans. United States of America v. Hayden, Leroy n/a 13-May-10 www.mortgagedaily.com/USMortgagePlea051410.asp
Morgan Stanley & Co. Inc. Commonwealth of Massachusetts Superior Court of Suffolk County $101,000,000 Mass. Attorney General announced a settlement in which Morgan Stanley agreed to pay $100 million arising out of claims that the investment bank was involved in the securitization of loans obtained through predatory lending practices. Commonwealth of Mass. v. Morgan Stanley & Co., Inc. No. 10-2538 E na www.mortgagedaily.com/settlementmorganstanley062410.asp

 

 

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