Mortgage Employees Among Victims in Saw VI
Two mortgage employees were kidnapped, bound with lethal headgear and forced to perform self mutilation. Only one escaped alive.
That was how the movie Saw VI began.
Their captor explained that the predatory lenders had become the prey.
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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.
California Enacts Several New Mortgage Laws
Loan originators, reverse mortgage lenders and appraisal management companies are all impacted by sweeping new mortgage laws in California. Lenders to non-English speaking borrowers and lenders on higher priced loans are also impacted.
Wholesale, Alt-A Analyzed in University Report
A report from Columbia University challenges the mortgage broker model and blames life experiences -- not lender discrimination -- for a disparity in delinquency between whites and minorities.
Mortgage Litigation Today
Issues addressed in recent mortgage lawsuits include lending discrimination, mortgage fraud and political contributions by two of the country's biggest mortgage firms. In another case, a former employee of a failed reverse mortgage lender who was accused of stealing 56,000 mortgage leads has pleaded guilty.
New Mexico Lenders Face Big Changes
Sweeping changes to mortgage lending laws in New Mexico that take effect at the end of this month are expected to impact lending in the state. Among the changes are restrictions on adjustable-rate loans, prepayment penalties and income verification.
Final Payment on Original 'Biggest Settlement'
Long before the Ameriquest and Countrywide settlements, there was the settlement with First Alliance Mortgage Co. -- which was touted as the biggest ever at the time by the government. With a huge recent payment to 15,000 of its borrowers, the defunct subprime lender has completed its obligations under the settlement.
Collection Calls Lead to Judgment
A federal judge has awarded a New Hampshire woman $200 per telephone call for hundreds of calls allegedly made by Ameriquest Mortgage Co. after she asked the company to stop harassing her. But the judge dismissed claims by the woman -- who represented herself in federal court -- of predatory lending.
The woman, Rosemary A. Gilroy of Amherst, first obtained a $790,000 loan from Ameriquest in July 2004, according to a copy of the complaint filed during 2007 in U.S. District Court for the District of New Hampshire.
Also named as a defendant is Ameriquest affiliate AMC Mortgage Services Inc.
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Bank Settles Allegations YSPs Higher for Hispanics
A $1 million settlement by a Maryland bank marks the second recent action by federal regulators tied to firms accused of earning higher yield spread premiums on mortgages to Hispanics.
Net Branch Sued Over YSPs to Hispanics
A net branch firm based in California has been sued by the government over allegations that its originators charged higher yield-spread premiums to Hispanic borrowers. The 45-branch operation says it originates $2 billion annually.
Fed Finds Minorities Saw Better Subprime Terms
A staff report from the Federal Reserve indicated that minorities often received lower mortgage rates than whites. The study suggested that the net impact from subprime lending in areas with high concentrations of minorities and high unemployment was positive.
