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| An analysis of mortgage-related litigation and legal actions in the second quarter indicates active lawsuits filed by shareholders against mortgage firms jumped more than 50 percent from the prior quarter.
During the second quarter, the number of investor lawsuits tracked by MortgageDaily.com that were filed against mortgage companies totaled 14, according to the Second Quarter Mortgage Litigation Report. Four investor class-actions were tracked for IndyMac Bancorp Inc., while three investor lawsuits were covered against Downey Financial Corp. Franklin Bank Corp. faced at least two shareholder lawsuits. The report was prepared with the assistance of Washington, D.C.-based Weiner Brodsky Sidman Kider PC, which provides timely information and analysis of litigation that impacts mortgage bankers. The report was based on 45 lawsuits and other legal actions covered by MortgageDaily.com that saw some activity during the second-quarter 2008. Cases tied to individual bankruptcies and foreclosures are generally excluded from the report. New actions on active mortgage-related cases tied to bankruptcy, employment, secondary marketing and servicing all eased from the first quarter. Among other significant case types were bankruptcy, compliance, foreclosure and mortgage fraud. Preemption, secondary marketing and servicing lawsuits were also tracked. |
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