Defendant
|
Plaintiff
|
Court
|
Amount
|
Overview
|
Case Title |
Case Number
|
Date Filed |
Link to Story |
Banc of America Securities |
Federal Home Loan Bank of Seattle |
King County Superior Court of Washington |
na |
Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. |
Federal Home Loan Bank of Seattle v. Banc of America Securities |
09-2-46319-1 SEA |
December 23, 2009 |
www.mortgagedaily.com/LitigationMbs020910.asp |
Barclays Capital, Inc. |
Federal Home Loan Bank of Seattle |
King County Superior Court of Washington |
na |
Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. |
Federal Home Loan Bank of Seattle v. Barclays Capital Inc. |
09-2-46320-4 SEA |
December 23, 2009 |
www.mortgagedaily.com/LitigationMbs020910.asp |
Bear Stearns & Co., Inc. |
Federal Home Loan Bank of Seattle |
King County Superior Court of Washington |
na |
Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. |
Federal Home Loan Bank of Seattle v. Bear Stearns & Co, Inc. |
09-2-46298-4 SEA |
December 23, 2009 |
www.mortgagedaily.com/LitigationMbs020910.asp |
Countrywide Bank FSB and Countrywide Home Loans |
Old Republic Insurance Co. and Old Republic Insured Credit Services, Inc. |
Circuit Court, Cook County, Ill. |
na |
Plaintiffs seek to rescind or terminate credit indemnity policies issued on loans securitized by Countrywide based on material misrepresentations. Countrywide counterclaimed, alleging breach of contract and bad-faith. |
na |
na |
December of 2008 |
www.mortgagedaily.com/LitigationMI032910.asp |
Countrywide Financial Corp. |
na |
US Dist. Court Central Dist. California |
na |
Suit by RMBS investors alleging losses due to false/misleading statements, etc. |
na |
na |
na |
www.mortgagedaily.com/LitigationMbs032910.asp |
Countrywide Financial Corporation; Countrywide Home Loans Inc.; CWALT Inc.; CWMBS, Inc.; CWABS, Inc.; CWHEQ, Inc.; Countrywide Capital Markets, Countrywide Securities Corporation; JP Morgan Securities; Deutsche Bank Securities; Bear Stearns & Co, Inc.; Banc of America Securities LLC; UBS Securities LLC; Morgan Stanley & Co. Incorporated; Edward D. Jones & Co. LP; Citigroup Global Markets, Inc.; Goldman Sachs & Co.; Credit Suisse Securities LLC (USA); Greenwich Capital Markets, Inc.; Barclays Capital Inc.; HSBC Securities (USA); BNP Paribas Securities Corp; Merrill Lynch, Perce, Fenner & Smith Incorporated; Stanford L Kurland; David A Spector; Eric P. Sieracki; N. Joshua Adler; Ranjit Kripalani; Jennifer S. Sandefur; David A. Sambol |
Maine State Retirement System, individually and on behalf of all others similarly situated |
U.S. District Court for the Central District of California |
na |
Class action alleges violations of the Securities Act by issuing the certificates pursuant to registration statements and prospectus supplements that misrepresented the quality of the underlying mortgages that had been pooled and placed in the issuing trusts. The representations made in the company’s prospectus supplements were materially false and misleading because at the time of the certificates offering, Countrywide’s underwriting standards were not designed to evaluate a borrower’s ability to repay or the true value of the mortgaged property underlying the certificates. |
Maine State Retirement System v. Countrywide Financial Corp. |
10-cv-00302-SJO-PJW |
January 14, 2010 |
www.mortgagedaily.com/LitigationMbs020910.asp |
Countrywide Securities Corp. |
Federal Home Loan Bank of Seattle |
King County Superior Court of Washington |
na |
Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. |
Federal Home Loan Bank of Seattle v. Countrywide Securities Corp. |
09-2-46321-2 SEA |
December 23, 2009 |
www.mortgagedaily.com/LitigationMbs020910.asp |
Credit Suisse First Boston Mortgage Securities Corp. |
Federal Home Loan Bank of Seattle |
King County Superior Court of Washington |
na |
Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. |
Federal Home Loan Bank of Seattle v. Credit Suisse First Boston Mortgage Securities Corp. |
09-2-46353-1 SEA |
December 23, 2009 |
www.mortgagedaily.com/LitigationMbs020910.asp |
Credit Suisse Securities (USA) LLC, Credit Suisse First Boston Mortgage Securities Corp., Deutsche Bank Securities, Inc., Deutsche Alt-A Securities, Inc., J.P. Morgan Securities, Inc., Structured Asset Mortgage Investments II, Inc., The Bear Stearns Companies, LLC, RBS Securities, Inc., RBS Acceptance, Inc., Greenwich Capital Acceptance, Inc., Morgan Stanley & Co., Inc., UBS Securities, LLC, Mortgage Asset Securitization Transactions, Inc., Banc of America Securities LLC, Banc of America Funding Corp., Banc of America Mortgage Securities, Inc., Countrywide Securities Corp., CWALT Inc., Countrywide Financial Corp., Does 1-50 |
Federal Home Loan Bank of San Francisco |
Superior Court of the State of California, County of San Francisco |
na |
Plaintiff filed complaint seeking rescission and contract damages as a result of misreps made by defendant sellers of certificates in various RMBS securitization trusts |
Federal Home Loan Bank of San Francisco v. Credit Suisse Securities, Inc. et al |
No. CGC-10-497840 |
March 15, 2010 |
www.mortgagedaily.com/LitigationMbs032910.asp |
Credit Suisse Securities LLP |
Ambac Financial Group, Inc. |
New York State Supreme Court |
na |
Ambac Financial filed suit against Credit Suisse in connection with a $170 million mortgage-backed security issued by Credit Suisse. Ambac has allegedly paid $44 million in claims on the security and seeks compensatory and punitive damages, claiming representations were breached on 80 percent of the 2,500 loans it made. |
Ambac Financial Group, Inc. v. Credit Suisse Securities LLP |
na |
January 8, 2010 |
www.mortgagedaily.com/Litigation011810.asp |
Deutsche Bank Securities Inc. |
Federal Home Loan Bank of Seattle |
King County Superior Court of Washington |
na |
Plaintiff filed suit because of misleading statements on the mortgage-backed securities it invested in. Defendant allegedly issued misleading statements about the quality of underwriting, originators, and quality control. |
Federal Home Loan Bank of Seattle v. Deutsche Bank Securities Inc. |
09-2-46351-4 SEA |
December 23, 2009 |
www.mortgagedaily.com/LitigationMbs020910.asp |
Deutsche Bank Securities, Inc, Deutsche Bank Alt-A Securities, Inc., DB Structured Products, Inc., J.P. Morgan Securities, Inc., Structured Asset Mortgage Investments II, Inc., The Bear Stearns Companies, LLC, Countrywide Securities Corp., Credit Suisse Securities (USA) LLC, RBS Securities, Inc., RBS Acceptance, Inc., RBS Holdings USA, Inc., Greenwich Capital Holdings, Inc., Morgan Stanley & Co., Inc., UBS Securities, LLC, Mortgage Asset Securitization Transactions, Inc., Merrill Lynch, Pierce, Fenner & Smith, Inc., Does 1-50 |
Federal Home Loan Bank of San Francisco |
Superior Court of the State of California, County of San Francisco |
na |
Plaintiff filed complaint seeking rescission and contract damages as a result of misrepresentations made by defendant sellers of certificates in various RMBS securitization trusts. |
Federal Home Loan Bank of San Francisco v. Deutsche Bank Securities, Inc. et al |
No. CGC-10-497839 |
March 15, 2010 |
www.mortgagedaily.com/LitigationMbs032910.asp |
FirstPlus Home Loan Owner Trust |
na |
Greene County District Court |
na |
The Greene County District Court ruled in 2009 in favor of the plaintiff’s claim that the interest paid on mortgage notes was exorbitant and that class members were entitled to recovery from the trusts. |
na |
na |
na |
www.mortgagedaily.com/LitigationMbs020910.asp |
Goldman Sachs & Co. |
Federal Home Loan Bank of Seattle |
King County Superior Court of Washington |
na |
Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. |
Federal Home Loan Bank of Seattle v. Goldman Sachs & Co. |
09-2-46349-2 SEA |
December 23, 2009 |
www.mortgagedaily.com/LitigationMbs020910.asp |
MBIA Inc., MBIA Insurance Corp., and MBIA Corp. of Illinois |
ABN AMRO Bank N.V.; Barclays Bank PLC; BNP Paribas; Calyon; Canadian Imperial Bank of Commerce; Citibank, N.A.; HSBC Bank USA, N.A.; JPMorgan Chase Bank, N.A.; KBC Investments Cayman Islands V LTD: Merrill Lynch International; Bank of America, N.A.; Morgan Stanley Chase Capital Services Inc.; Natixis; Natixis Financial Products Inc.: Cooperative Centrale Raiffeisen-Boerenleenbank B.A., New York branch; Royal Bank of Canada; The Royal Bank of Scotland PLC; SMBC Capital Market Limited; Societe Generale; USB AG, London Branch; and Wachovia Bank, N.A. |
Supreme Court of the State of New York |
na |
The court denied defendants’ motion to dismiss where defendants are accused of fraudulently restructuring themselves in February by stripping $5 billion out of their primary operating subsidiary MBIA Insurance to start a new business. |
na |
Index No.: 6014-75/09 |
May 13, 2009 |
www.mortgagedaily.com/LitigationMI032910.asp |
Merrill Lynch |
Federal Home Loan Bank of Seattle |
King County Superior Court of Washington |
na |
Plaintiff filed suit because of misleading statements on the mortgage-backed securities it invested in. Defendant allegedly issued misleading statements about the quality of underwriting, originators, and quality control. |
Federal Home Loan Bank of Seattle v. Merrill Lynch |
09-2-46352-2 SEA |
December 23, 2009 |
www.mortgagedaily.com/LitigationMbs020910.asp |
Moody’s Investors Service, Standard and Poor’s Ratings Services |
Connecticut Attorney General Richard Blumenthal |
na |
na |
Conficts of interest alleged in ratings process. |
na |
na |
na |
www.mortgagedaily.com/ConncecticutVsRatingsAgenciesVideo031010.asp |
Moody’s; Standard and Poor’s Ratings Services |
MBS investors |
U.S. District Court in New York |
na |
Investors’ lawsuit was dismissed. Plaintiffs claimed the two ratings agencies misled them by disregarding ratings guidelines, operating in conflicting roles, and sacrificing independence. |
na |
na |
na |
www.mortgagedaily.com/LitigationMbs020910.asp |
Morgan Stanley & Co. Inc. |
Federal Home Loan Bank of Seattle |
King County Superior Court of Washington |
na |
Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. |
Federal Home Loan Bank of Seattle v. Morgan Stanley & Co. Inc. |
09-2-46348-4 SEA |
December 23, 2009 |
www.mortgagedaily.com/LitigationMbs020910.asp |
Mortgage Asset Securitization Transactions, Inc., David Martin, Per Dyrvik, Hugh Corcoran, UBS Real Estate Securities, Inc., UBS Securities, LLC, Moody’s Investor Services, Inc., and The McGraw-Hill Companies, Inc. |
Locals 302 and 612 of the International Union of Operating Engineers- Employers Construction Industry Retirement Trust |
U.S. District Court for the District of New Jersey |
na |
Purchasers of RMBS-backed pass-through certificates sued defendant sellers and credit rating agencies alleging misrepresentations. |
Locals 302 and 612 of the Int’l Union of Operating Engineers-Employers Construction Industry Retirement Trust v. Mortgage Asset Securitization Transactions, Inc. et al |
No. 2:10-cv-00898-dmc-mf |
February 22, 2010 |
www.mortgagedaily.com/LitigationMbs032910.asp |
na |
Lehman Brothers Holdings, Inc. |
U.S. Bankruptcy Court for the Southern District of New York |
na |
In a decision tied to the Lehman CDO Dante, judge held that the market standard assumptions relating to the subordination of swap termination payments owed to a swap counterparty following a swap counterparty bankruptcy are unenforceable under the U.S. Bankruptcy Code. |
In re Lehman Brothers Holdings Inc. |
08-13555 |
September 25, 2008 |
www.mortgagedaily.com/LitigationMbs020910.asp |
na |
purchasers of MASTR Adjustable Rate Mortgages Trust Mortgage Pass-Through Certificates, Series 2007-3 |
na |
na |
Class action alleges misleading statements. |
na |
na |
na |
www.mortgagedaily.com/LitigationMbs032910.asp |
RBS Securities, Inc. |
Federal Home Loan Bank of Seattle |
King County Superior Court of Washington |
na |
Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. |
Federal Home Loan Bank of Seattle v. RBS Securities Inc. |
09-2-46347-6 SEA |
December 23, 2009 |
www.mortgagedaily.com/LitigationMbs020910.asp |
State Street Bank |
Securities and Exchange Commission |
na |
$300,000,000 |
Settlement is in addition to nearly $350 million already paid by State Street to settle private investor claims. |
na |
na |
na |
www.mortgagedaily.com/LitigationMbs020910.asp |
UBS Securities |
Federal Home Loan Bank of Seattle |
King County Superior Court of Washington |
na |
Plaintiff filed suit alleging that Defendant issued misleading statements about the quality of underwriting, originators, and quality control in connection with mortgage-backed securities. |
Federal Home Loan Bank of Seattle v. UBS Securities |
09-2-46350-6 SEA |
December 23, 2009 |
www.mortgagedaily.com/LitigationMbs020910.asp |
US Bank National Association ND; Ace Securities Corp. Home Loan Trust 1999-A Asset Backed Notes, Series 1999-AA; U.S. Bank N.A.; Wilmington Trust Company; FirstPlus Home Loan Owner Trust 1996-2; FirstPlus Home Loan Owner Trust 1996-3; First Plus Home Loan Owner Trust 1996-4; FirstPlus Home Loan Owner Trust 1997-1; FirstPlus Home Loan Owner Trust 1997-2; FirstPlus Home Loan Owner Trust 1997-3; FirstPlus Home Loan Owner Trust 1997-4; FirstPlus Home Loan Owner Trust 1998-1; FirstPlus Home Loan Owner Trust 1998-2; FirstPlus Home Loan Owner Trust 1998-3; FirstPlus Home Loan Owner Trust 1998-4; FirstPlus Home Loan Owner Trust 1998-5; The Associates; CIT Group; Contimortgage Corporation; Goleta National Bank; Master Financial; Norwest Home Improvement, Inc. PSB Lending; Residential Funding Corporation |
Deanthony Thomas; Susan Jelinke-Thomas; Steven M. Rich |
U.S. Court of Appeals for the Eighth Circuit |
na |
Thomas brought suit in Missouri state court on behalf of himself and others similarly situated against thirty-three assignee banks of FirstPlus, alleging the loans they had received violated the Missouri Second Mortgage Loans Act. The Act places limits on the type and amount of closing costs and fees a lender can charge on residential, second mortgage loans secured by Missouri real estate. Specifically, Thomas alleged the subject loans violated Missouri law because (1) the borrowers were charged nonrefundable finder’s fees or broker’s fees that were prohibited or in excess of the fees allowed by the MSMLA and (2) FirstPlus charged certain closing costs and fees on behalf of third parties which were in excess of the costs actually charged by those third parties and then retained the difference. Thomas sought to recover the interest paid on the allegedly unlawful second mortgage loans and an order barring the collection of additional interest. |
Thomas v. US Bank National Association N.D. |
08 3302 |
April 13, 2009 |
www.mortgagedaily.com/LitigationMbs020910.asp |