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Secondary Marketing Lawsuits Third Quarter 2009 Mortgage Litigation Report

Mortgage Daily

Published On: November 16, 2009
Secondary Marketing Lawsuits
Third Quarter 2009 Mortgage Litigation Report
Cases related to secondary marketing, warehouse lending and repurchases.
Defendant
Plaintiff
Court
Amount
Overview
 Case Title
Case Number
 Date Filed Link to Story
David Findel United States of America na na Criminal complaint filed over selling same loans to mulitiple institutions. na na na www.mortgagedaily.com/WorldwideArrest091109.asp
Colonial Bank and John Doe #1-10 Bank of America, National Association U.S. District Court for the Southern District of Florida Miami Division $1 billion Defendant allegedly violated a clear contractual obligation to hold mortgage loans in trust while Freddie considered them for purchase, then pass on either sale proceeds or the loans. Colonial sold more than 6,000 mortgages for $1 billion in assets to Freddie without passing on the proceeds to BoA. The district judge issued a Temporary Restraining Order against Colonial. Bank of America National Association v. Colonial Bank et al. No. 09-22384 8/12/2009 www.mortgagedaily.com/LawsuitBoaColonial081409.asp, www.mortgagedaily.com/LawsuitBoaColonial081309.asp

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