|
Defendant
|
Plaintiff
|
Court
|
Amount
|
Overview
|
Case Title |
Case Number
|
Date Filed |
Link to Story |
| Deutsche Bank AG; Mortgage IT Inc.; DB Structured Products Inc.; Deutsche Bank Securities Inc. |
United States of America (U.S. Attorney’s Office in Manhattan) |
U.S. District Court for the Southern District of New York |
$1,000,000,000 |
Government argued that Deutsche hid the risk levels of mortgages issued by MortgageIT to qualify for mortgage insurance, which would cause the government to step in if borrowers were unable to repay. The government claims to have already paid almost $400 million so far, and is suing Deutsche Bank under a law that allows them to receive triple damages. The DOJ filed an amended complaint adding DB Structured Products and Deutsche Bank Securities as defendants. |
United States v. Deutsche Bank AG, et al. |
1:2011cv02976 |
5/3/2011 |
www.mortgagedaily.com/MctLawsuitDeutsche071211.asp, www.mortgagedaily.com/MctLawsuitGoldman080911.asp, www.mortgagedaily.com/LitigationMbs090711.asp |
| Lee Bentley Farkas |
United States |
U.S. District Court for the Eastern District of Virginia |
n/a |
Farkas, former Taylor bean and Whitaker Mortgage chairman, is appealing his sentence to 30 years in prison on 14 criminal counts of conspiracy, bank, wire and securities fraud. |
n/a |
n/a |
n/a |
www.mortgagedaily.com/litigationcriminal072511.asp |
| Joseph Traxler |
United States |
U.S. District Court for the District of Minnesota |
$8,000,000 |
CFO of mortgage company charged with defrauding warehouse lenders by concealing pre-existing mortgages to obtain double funding and concealing defaults. |
United States v. Traxler |
n/a |
n/a |
www.mortgagedaily.com/MctChargesCentenial092911.asp |
| Robert S. Luce |
Department of Justice |
U.S. District Court for the Northern District of Illinois |
$1,600,000 |
Department of Justice filed suit against Robert S. Luce, former Federal Housing Administration correspondent, for fraud, seeking recovery under the False Claims Act and civil penalties under the Financial Institutions Reform, Recovery and Enforcement Act. |
United States of America v. Luce |
11 C 5158 |
7/29/2011 |
www.mortgagedaily.com/LawsuitMdr073111.asp |
| Bank of America Corp., et al. |
American International Group Inc., et. al. |
New York State Supreme Court, County of New York |
$10,000,000,000 |
AIG says Bank of America and its subsidiaries Countrywide and Merrill Lynch misrepresented the quality of mortgages it sold to investors. As a result, AIG said it lost $28 billion in investments. |
American International Group, et al v. Bank of America Corp. et al. |
652199/2011 |
8/8/2011 |
www.mortgagedaily.com/MctLawsuitGoldman080911.asp, www.mortgagedaily.com/LitigationInvestor092811.asp, www.mortgagedaily.com/MctLawsuitBoaAig080811.asp |
| Goldman, Sachs & Co.; Royal Bank of Scotland; JP Morgan Chase |
National Credit Union Administration |
U.S. District Court for the Central District of California |
$491,000,000 |
NCUA accuses Goldman Sachs of making misleading written and oral statements about the soundness of securities that were purchased by federal credit unions.  |
National Credit Union Administration Board v. Goldman, Sachs & Co., et. al. |
LACV11-6521GHK(PLAx) |
9/9/2011 |
www.mortgagedaily.com/MctLawsuitGoldman080911.asp |
| WMC Mortgage Corp.; EquiFirst Corp. |
MASTR Asset Backed Securities Trust 2006-HE3, by U.S. Bank National Association, solely in its capacity as Trustee pursuant to a Pooling and Servicing Agreement, dated as of August 1, 2006 |
U.S. District Court for the District of Minnesota |
$200,000,000 |
Defendants were sued following an investigation by Recovco Mortgage Management LLC, an investor in MASTR Asset Backed Securities Trust 2006-HE3. The complaint alleges that Defendants, who were originators of the loans that were securitized in the trust, made false representations and warranties regarding the loans. Trustee demanding loan originators buy back non-performing mortgages from securitization trust. |
MASTR Asset Backed Securities Trust 2006-HE3, by U.S. Bank N.A., v. WMC Mort. Corp. et al. |
No. 0:11-cv-02542 |
9/2/2011 |
www.mortgagedaily.com/LitigationMbs090711.asp |
| Bank of America Corp.; Bank of America, N.A.; BAC Home Loans Servicing LP; Recontrust Company, N.A.; Countrywide Financial Corp.; Countrywide Home Loans Inc.; Full Spectrum Lending Inc. |
State of Nevada |
U.S. District Court for the District of Nevada |
n/a |
Nevada Attorney General filed suit against Defendants following consumer complaints and an extensive investigation into Defendants’ alleged deceptive practices regarding its residential mortgage servicing, particularly its loan modification and foreclosure practices. |
State of Nevada v. Bank of America Corp., et al. |
3:2011-cv-00135-RCJ (RAM) |
2/23/2011 |
www.mortgagedaily.com/LitigationMbs090711.asp |
