HELOC Lawsuits Second Quarter 2009 Mortgage Litigation Report

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MORTGAGE EXPERT
8 · 24 · 09
Litigation tied to home-equity lines-of-credit.

Defendant
Plaintiff
Court
Amount
Overview
Case Title
Case Number
Date Filed Link to StoryLink to Story
Wachovia Bank, N.A. AIG Federal Savings Bank U.S. District Court for the District of Delaware $976,887 Defendant alledgedly did not honor repurchase obligations on HELOCs that AIGFSB. Case moved from state to federal court. AIG Federal Savings Bank v. Wachovia Bank, N.A. Case No. 4439-VCS, 1:09-cv-00242-UNA 20-Mar-2009 www.mortgagedaily.com/LawsuitAIGvWachovia041709.asp
Washington Mutual Michael Walsh n.a. n/a Class action suit brought to challenge use of allegedly flawed valuation models (i) to undervalue homes and (ii) as a pretext for credit limit reductions. n.a. n.a. n.a. www.mortgagedaily.com/LawsuitJpMorganHeloc062209.asp
Washington Mutual Bank, Henderson, Nevada, et al. Michell Kimball U.S. District Court, S.D. Cal. n/a Class action suit brought to challenge use of allegedly flawed valuation models (i) to undervalue homes and (ii) as a pretext for credit limit reductions. Kimball v. Washington Mutual Bank, Henderson, Nevada, et al. No. 3:09-CV-1261 10-Jun-2009 www.mortgagedaily.com/LawsuitJpMorganHeloc062209.asp
Washington Mutual Bank, Henderson, Nevada, J.P. Morgan Chase Bank, N.A. Jeffrey Schulken and Jennifer Schulken U.S. District Court for the Northern District of California n/a Suit alleges that Chase and WAMU used false pretenses to engage in mass reductions of Home Equity Lines of Credit (HELOC) limits and account suspensions. Jeffrey Schulken and Jennifer Schulken v. Washington Mutual Bank, Henderson, Nevada, J.P. Morgan Chase Bank, N.A. No. 5:09-CV-02708-HRL 18-Jun-2009 www.mortgagedaily.com/LawsuitJpMorganHeloc062209.asp

 

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