|
Defendant
|
Plaintiff
|
Court
|
Amount
|
Overview
|
Case Title |
Case Number
|
Date Filed |
Link to Story |
| Catherine L. Kissick |
SEC |
United States District Court for the Eastern District of Virginia |
$1,500,000,000 |
Kissick was in charge of Colonial Bank’s Mortgage Warehouse Lending Division. It was in that capacity that she helped former Taylor Bean chairman, Lee Farkas, and treasurer, Desiree Brown, carry out a scheme involving $1.5 billion in fraudulent mortgages. Kissick recently pled guilty for her role in the fraud. |
SEC v. Kissick |
1:11cv215LMB/JFA |
3/2/2011 |
www.mortgagedaily.com/LawsuitsInvestors033011.asp www.mortgagedaily.com/ColonialBankPlea030211.asp |
| Desiree E. Brown |
SEC |
United States District Court for the Eastern District of Virginia |
$1,500,000,000 |
The SEC alleged that Brown, the former treasurer of Taylor, Bean & Whitacker, enabled the sale of $1.5 billion in fictitious and impaired mortgage loans from Taylor Bean to Colonial Bank. Brown pled guilty on 2/24/2011. |
SEC v. Brown |
1:11cv192-GBL/TRJ |
2/24/2011 (plea) |
www.mortgagedaily.com/LawsuitsInvestors033011.asp www.mortgagedaily.com/ColonialBankPlea030211.asp; www.mortgagedaily.com/TaylorBeanPlea022511.asp |
| GMAC Mortgage, LLC, Paul Martino, Sophia Phendy-Sunny, Samantha Albranski and Jasmine Khun |
Samuel Smith |
U.S. District Court for the Eastern District of California |
n/a |
Samuel Smith sued GMAC Mortgage, LLC claiming that, upon the transfer of his residential mortgage loan, the terms and payments had been changed from the original agreement and, thus, he was entitled to rescission of the loan. The trial court dismissed the case. |
Smith v. GMAC Mortgage, LLC, et al. |
2:2010cv03131 |
11/19/2010 |
www.mortgagedaily.com/LawsuitsCompliance030311.asp |
| Michael J. McGrath Jr. |
United States of America |
U.S. District Court District of New Jersey |
$139,000,000 |
The defendant, the former U.S. Mortgage president and controlling shareholder, plead guilty to one count of mail and wire fraud conspiracy in connection with the company’s collapse. |
United States of America v. Michael J. McGrath Jr. |
Criminal No. 09 |
na |
www.mortgagedaily.com/USMortgagePlea061209.asp |
| Quicken Loans, Inc. |
Provident Funding Associates, LP |
U.S. District Court for the Northern District of California, San Mateo |
n/a |
In November of 2007, Provident Funding Associates, LP filed a breach of contract action against Quicken Loans. Inc. |
Provident Funding Associates, LP v. Quicken Loans, Inc. |
3:2007cv05680 |
11/8/2007 |
www.mortgagedaily.com/ProvidentIpo030911.asp |
| Radius Capital Corp., Robert A. Digiorgio |
SEC |
U.S. District Court for the Middle District of Florida |
n/a |
Radius Capital Corp. and its owner are being sued by the SEC over mortgage-backed securities it issued. The SEC has alleged that Radius told investors that the loans backing the securities were government-insured. Many of the loans, however, were not government-insured and many would not even qualify. |
SEC v. Radius Capital Corp. et al. |
2:2011cv00116 |
3/7/2011 |
www.mortgagedaily.com/LawsuitRadius030811.asp |
| Raymond Bowman |
United States |
United States District Court for the Eastern District of Virginia |
$1,500,000,000 |
SEC alleges that Bowman, the former president of Taylor Bean, allegedly enabled the sale of $1.5 billion in fictitious and impaired mortgage loans from Taylor, Bean & Whitacker Mortgage Corp., Colonial’s biggest customer, to Colonial Bank. Bowman has pled guilty. |
SEC v. Bowman |
1:11-cr-00118-LMB |
3/14/2011 |
www.mortgagedaily.com/PleaTaylorBean031411.asp |
| Sandra A. Ford |
Wells Fargo Bank, N.A. |
Superior Court of New Jersey- Appellate Division |
n/a |
Court held that trustee of securitization trust did not have standing to bring foreclosure action based on poor documentation of assignment of note. |
Wells Fargo Bank, N.A. v. Ford |
A-3627-06 |
1/28/2011 |
www.mortgagedaily.com/dpforeclosurenj020311 |
| StellarOne Corp. |
investor |
na |
$1,450,000 |
Settlement reached to resolve repurchase liabilities with primary investors to resolve repurchase demands and “make-whole” indemnification claims on residential loans acquired by the investor from StellerOne’s wholesale and retail divisions prior to 2009. |
na |
na |
na |
www.mortgagedaily.com/SettlementStellarOne010511.asp |
| Teresa A. Kelly |
SEC |
United States District Court for the Eastern District of Virginia |
$1,500,000,000 |
SEC alleges that Kelly, a former operations supervisor of Colonial Bank, enabled the sale of $1.5 billion in fictitious and impaired mortgage loans from Taylor, Bean & Whitacker Mortgage Corp., Colonial’s biggest customer, to Colonial Bank. |
SEC v. Kelly |
1:11cv268LMB/TRJ |
3/16/2011 |
www.mortgagedaily.com/LawsuitsInvestors033011.asp |
| Young America Mortgage Corp. |
ING Bank, FSB |
Superior Court of the County of Los Angeles |
$328,500 |
Buyer of mortgage loans sued seller demanding repurchase of the loans based on alleged breaches of warranty re: accuracy of information about borrower in the loan file. Court reversed grant of summary judgment stating that buyer failed to prove damages because it did not introduce evidence that it foreclosed on the property securing the loan, nor did it show that the value of the home was less than the amount owed. |
Young America Mortgage Corp. v. Superior Court of the County of Los Angeles, ING Bank, FSB |
B219955 |
2/22/2011 |
www.mortgagedaily.com/lawsuiting022311.asp |
