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First-Quarter 2012 Mortgage Litigation Index

Mortgage Daily

Published On: January 24, 2012
Mortgage Fee Lawsuits
Second-Quarter 2011 Mortgage Litigation Index
Lawsuits involving excessive fees, servicing fees and loan fees beyond state maximums.
Defendant
Plaintiff
Court
Amount
Overview
 Case Title
Case Number
 Date Filed Link to Story
Quicken Loans, Inc. Tammy Freeman Supreme Court of the United States n/a The Supreme Court is debating whether to grant certioriari to hear this case. Quicken won a summary judgment on plaintiff’s argument that Quicken charged her unearned fees, and the U.S. Court of Appeals for the Fifth Circuit affirmed. The Supreme Court has recently invited the Solicitor General of the United States to submit a brief and weigh in on whether the government still supports HUD’s interpretation of Section 8(b). Freeman v. Quicken Loans, Inc. 10-1042 04/11/08 oldwww.mortgagedaily.com/LawsuitQuicken052011.asp
Phil Coon, John Miller Janis R. Stewart and other borrower victims United States Court of Appeals for the 11th Circuit $1,200,000 The court of appeals held that the victims were not entitled to restitution for the 1 percent fee charged on their loans by former Coast Bank executive Phil Coon because the borrowers were aware that the bank would take such fees. In re Stewart 10-12344 11/25/11 oldwww.mortgagedaily.com/MctCoastBank060311.asp
Mortgage Master Martha Coakley, Attorney General for the Commonwealth of Massachusetts n/a $250,000 Mortgage Master agreed to a settlement with the MA AG that calls for the firm to spend $95,000 refunding $250 to $1000 per borrower to those allegedly charged higher-than-normal fees because they were black. The firm will also pay $155,000 that the AG’s office plans to spend on consumer education. n/a n/a n/a oldwww.mortgagedaily.com/MctMortgageMasters051811.asp
Kenneth A. Schneider United States United States District Court for the District of Montana $1,800,000 Kenneth Schneider has been ordered to pay restitution of $1.8 million for pocketing customer application fees for real estate bridge loans. U.S. v. Schneider n/a n/a oldwww.mortgagedaily.com/LitigationCriminal041211.asp
Phil Coon n/a n/a $1,200,000 Guilty plea awating sentencing. n/a n/a n/a oldwww.mortgagedaily.com/MctCoastBank060311.asp

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