Mortgage Leads and More
Several recent offerings promise increased quality, quantity and return on mortgage leads, while two lead firms hope new owners will enhance their business. But one former lead generation operator -- who charged originators around $20 for each loan lead -- has been convicted for peddling worthless data.

In 2003, Gregory Cooper telephoned mortgage brokers in multiple states about buying lists of live leads, according to U.S. Attorney Preet Bharara. He collected more than $700,000 for the lists, which were sold for $3,000 each at a cost of around $20 per name.

Prospective borrowers, according to Cooper, had expressed an interest in speaking with a mortgage broker about refinancing their homes in response to a "massive telemarketing and survey effort."
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American Home v. Ohio AG v. American Home
American Home Mortgage Servicing Inc. and Ohio Attorney General Richard Cordray are suing each other allegations of poor servicing practices.

Record Consumer Bankruptcy Filings
Monthly consumer bankruptcy filings reached a new high.

M.I. Class Action Continues Against Countrywide
An appeals court has reportedly overturned a decision to dismiss a class action against Countrywide Financial Corp., leaving the formerly independent company -- and possibly some of its competitors -- facing further litigation. At issue are alleged violations of the Real Estate Settlement Procedures Act that are tied to mortgage insurance.

Credit Repair Firms Targeted by Regulators
Federal and state regulators have been on a recent rampage filing lawsuits and taking actions against credit repair firms. The companies -- many located in Florida -- are accused of collecting huge up-front fees and promising services that are not delivered. Meanwhile, the implementation of a new rule will require disclosures about free credit reports.

Bankruptcy Litigants Busy
Recent mortgage-related litigation includes a case against an Alabama bank accused of lending discrimination, a $4 billion lawsuit filed by Bank of America Corp. and a suit against IndyMac Bank. One of three cases tied to corporate bankruptcies has been settled.

Mortgage Employers Sued
Among three mortgage employment lawsuits is one against a Chicago lender alleging sexual harassment. Another case against a Washington lender alleges a smear campaign against a former executive.

Lenders Duped by Broker
A Florida mortgage broker has pleaded guilty to selling the same mortgage notes to multiple investors in a scheme that led to millions of dollars in losses. Among his victims were Bank of America Corp.

Taylor Bean Servicing Settled
A deal was recently reached for securitized loans serviced by bankrupt Taylor, Bean and Whitaker Mortgage Corp. to be serviced by another company. But the new servicer has its hands full.

Huge Commercial Mortgage Firm Bankrupt
Over the weekend, the third-biggest U.S. commercial mortgage servicer filed for bankruptcy.