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First-Quarter 2011 Mortgage Litigation Index

Mortgage Daily

Published On: June 20, 2011

First-Quarter 2011 Mortgage Litigation Index

 

Lawsuits about mortgage company liability in determining suitability of loans for borrowers.

 
Defendant
Plaintiff
Court
Amount
Overview
 Case Title
Case Number
 Date Filed Link to Story
Wells Fargo and Company, Wachovia Mortgage Corporation, World Savings, Incorporated, John Stumpf, Mark C. Oman, and DOES 1-10 California Attorney General, Charles Holmes, Jerry H. Holmes, John D Moller, individually and on behalf of all others similarly situated U.S. District Court for the Northern District of California $2,032,000,000 This class action suit resulted from loans originated by World Savings and Wachovia in which customers were offered adjustable-rate loans with payments that mushroomed into amounts that many borrowers could not afford. Wells Fargo has agreed to a settlement to provide loan modifications worth more than $2 billion to thousands of California homeowners with “pick-a-pay” loans and to pay an additional $32 million to thousands of borrowers who lost their homes through foreclosure. In re: Wachovia “Pick-A-Payment” Mortgage Marketing and Sales Practices Litigation M:09-CV-2015-JF 6/1/2010 www.mortgagedaily.com/LawsuitsCompliance030311.asp

 

 

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