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  3. Mortgage Fee Lawsuits Fourth Quarter 2008 Mortgage Litigation Report

Mortgage Fee Lawsuits Fourth Quarter 2008 Mortgage Litigation Report

Mortgage Daily

Published On: March 9, 2009
Mortgage Fee Lawsuits
Fourth Quarter 2008 Mortgage Litigation Report
Lawsuits involving excessive fees, servicing fees and loan fees beyond state maximums.
Defendant
Plaintiff
Court
Amount
Overview
 Case Title
Case Number
 Date Filed Link to Story
Homecomings Financial LLC U.S. Department of Justice na na Homecomings has resolved a federal investigation into a prepayment penalty charged by the unit. The borrower was active in the military; the Justice Department launched its investigation under the Servicemembers Civil Relief Act. na na na oldwww.mortgagedaily.com/HomecomingsVaInvestigation121608.asp
Countrywide Home Loans and Countrywide Mortgage Ventures North Carolina Commissioner of Banks State of North Carolina, Wake County $16,000,000 Countrywide Home Loans and Countrywide Mortgage Ventures agreed to issue refunds as part of a settlement announced with the North Carolina Office of the Commissioner of Banks. The settlement was the result of an examination started by the commissioner in 2007 that allegedly uncovered serious violations tied to permissible mortgage charges in the state. IN RE: Countrywide Home Loans Inc., and Countrywide Mortgage Ventures LLC Docket Nos. 08:170:MBB, 08:171:MBB. Oct. 31, 2008 (consent order) https://www.mortgagedaily.com/CountrywideNcOrders120408.asp
National City Mortgage Co. James A. Muhammad U.S. District Court for the Southern District of West Virginia $700,000 National City Mortgage Inc. has settled a West Virginia class-action lawsuit. The lender is accused of illegally returning partial payments and charging multiple late fees on rolling 30-day delinquencies. JAMES A. MUHAMMAD, individually and on behalf of all others similarly situated v. National City Mortgage Co. 2:07-CV-0423 July 6, 2007 oldwww.mortgagedaily.com/LawsuitNationalCity123008.asp
Gateway Funding Diversified Mortgage Services LP and Gateway Funding Inc. Federal Trade Commission U.S. District Court For The Eastern District of Pennsylvania $2,900,000 A Pennsylvania-based net branch operation has settled charges that its originators earned bigger fees and yield spread premiums on loans to minorities, in violation of the Equal Credit Opportunity Act. However, All but $0.2 million of a $2.9 million judgment will be suspended due its financial condition. Federal Trade Commission v. Gateway Funding Diversified Mortgage Services, L.P. and Gateway Funding, Inc. FTC File No. 0623063 na oldwww.mortgagedaily.com/GatewaySettlement121608.asp

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