|
Defendant
|
Plaintiff
|
Court
|
Amount
|
Overview
|
Case Title |
Case Number
|
Date Filed |
Link to Story |
| Credit Suisse Securities (USA) LLC, DLJ Mortgage Capital, Inc., Select Portfolio Servicing, Inc. |
MBIA Ins. Corp. |
Supreme Court of the State of New York- County of New York |
n/a |
Insurer sues for fraudulent misrepresentation alleging bank misled it re: quality of mortgage it insured |
MBIA Ins. Co. v. Credit Suisse Securities (USA), LLC et al |
603751/09 |
12/14/09 |
www.mortgagedaily.com/litigationmbs051011.asp |
| Flagstar Bank, FSB, Flagstar Capital Markets Corp., Flagstar ABS, LLC |
Assured Guaranty Municipal Corp. |
United States District Court for the Southern District of New York |
$100,000,000 |
Investors seek repurchase of mortgages backing securities, alleged breaches of various representations and warranties. |
Assured Guaranty Municipal Corp v. Flagstar Bank, FSB |
1:2011cv02375 |
04/07/11 |
www.mortgagedaily.com/litigationmbs051011.asp |
| Residential Funding Co., LLC |
MBIA Ins. Corp. |
Supreme Court of the State of New York- County of New York |
n/a |
Insurer sues for fraudulent misrepresentation alleging bank misled it re: quality of mortgage it insured. Ruling allowing plaintiff may seek out-of-state discovery. |
MBIA Ins. Co. v. Residential Funding Co., LLC |
603552/08 |
n/a |
www.mortgagedaily.com/litigationmbs051011.asp |
| Bank of America and/or Countrywide |
The Bank of New York Mellon (as Trustee under various Pooling and Servicing Agreements and Indenture Trustee under various Indentures |
Supreme Court of the State of New York, County of New York |
$8,500,000,000 |
Bank of America, who acquired Countrywide in 2008, has tentatively agreed to pay $8.5 billion to settle claims by large investors stung on losses on mortgage-related securities that Countrywide issued. Bank of America has put aside $14 billion dollars to help pay investors for bad mortgages. |
In the Matter of the Application of the Bank of New York Mellon |
Index No. 651786/2011 |
07/01/10 |
www.mortgagedaily.com/MctSettlementBoa062911.asp. www.mortgagedaily.com/MctBoaCharges062911.asp |
| HSBC Bank Association, as Trustee of the Deutsche Atl-A Securities Mortgage Loan Trust Series 2006-AR5 |
Onewest Bank, FSB |
United StatesDistrict Court for the Southern District of New York |
n/a |
Mortgage Servicer Onewest Bank filed its lawsuit against HSBC, the trustee in a mortgage securitization, to stop the foreclosure on borrower Pamela Jeter. |
Onewest Bank, FSB v. HSBC Bank Association, as Trustee of the Deutsche Alt-A Securities Mortgage Trust, Series 2006-AR5 |
1:10-cv-04855-SHS |
06/22/10 |
www.mortgagedaily.com/LitigationForeclosures061411.asp |
| James Hendricks |
U.S. Bank National Association, as Successor Trustee to Bank of America |
State of Michigan Washington County Trial Court |
n/a |
A Michigan judge overturned a First Franklin foreclosure after he concluded that the company couldn’t have owned the mortgage after it failed to comply with certain mortgage securitization rules. Plaintiff’s attorney, James Hendricks, reportedly said that U.S. Bank, the trustee for the securitization did not have the right to foreclose, in part because it had not been assigned ownership of the loan in accordance with the rules required to ensure tax-exempt status of mortgage-bond investments. |
U.S. Bank, N.A. v. Hendricks |
10-849-CH |
n/a |
www.mortgagedaily.com/LitigationForeclosures061411.asp |
| Ace Securities Corp. |
Allstate Ins. Co. |
Supreme Court of the State of New York- County of New York |
n/a |
Insurer claims bank, as trustee, improperly invested in mortgage backed securites resulting in losses to the insurer. |
Allstate Ins. Co. v. Ace Securities Corp. |
650431/2011 |
n/a |
www.mortgagedaily.com/litigationmbs051011.asp |
| Countrywide Financial Corp., Countrywide Home Loans, Inc., CWMBS, Inc, CWHEQ, Inc, Countrywide Capital Markets, Countrywide Securities Corp., J.P. Morgan Securities Corp., Deutsche Bank Securities Inc., Bear, Stearns & Co., Inc., Banc of America Securities, LLC, Morgan Stanley & Co., Inc., Edward Jones & Co., L.P., Citigroup Global Markets Inc., Goldman, Sachs & Co., Credit Suisse Securities (USA) LLC, Greenwich Capital Markets, Inc., Barclays Capital Inc., HSBC Securities (USA), BNP Paribas Securities Corp., Merrill Lynch, Pierce, Fenner & Smith, Inc., Stanford L. Kurland, David Spector, Eric P. Sieracki, N. Joshua Adler, Ranjit Kripalani, Jennifer S. Sandefur, Davib A. Sambol |
Maine State Retirement System et al |
United States District Court for the Central District of California |
n.a |
Bank of America released from class action lawsuit after arguing it cannot be held liable for actions of its subsidiary Countrywide |
Maine State Retirement System v. Countrywide Financial Corp. et al. |
2:10-cv-00302-SJO-PJW |
n/a |
www.mortgagedaily.com/litigationmbs051011.asp |
| Credit Suisse Securities (USA) LLC, Credit Suisse First Boston Mortgage Securities Corp., Asset Backed Securities Corp., DLJ Mortgage Capital, Inc. |
Allstate Ins. Co., Allstate Bank, Kennett Capital, Inc., Allstate Life Ins. Co. |
Supreme Court of the State of New York- County of New York |
$231,000,000 |
Insurer claims bank, as trustee, improperly invested in mortgage backed securites resulting in losses to the insurer. |
Allstate Life Ins. Co. et al v. Credit Suisse Securities (USA) LLC, et al. |
650547/2011 |
02/28/11 |
www.mortgagedaily.com/litigationmbs051011.asp |
| JP Morgan Securities, Inc, Bear Stearns Asset Backed Securities I LLC, Chase Mortgage Finance Corp., J.P. Morgan Acceptance Corp., J.P. Morgan Securities Holdings LLC |
Charles Schwab Corp. |
United States District Court for the Northern District of California |
n/a |
Suit remanded to state court. Plaintiff alleges it was misled re: quality of MBS certificates it purchased |
Charles Schwab Corp. v. JP Morgan Securities, Inc. et al |
3:2010cv4522 |
10/06/10 |
www.mortgagedaily.com/litigationmbs051011.asp |
| US Bancorp. |
Woodmen of the World Life Ins. Co. |
Delaware Court of Chancery |
$100,000,000 |
Insurer claims bank, as trustee, improperly invested in mortgage backed securites resulting in losses to the insurer. |
n/a |
6260-CC |
03/15/11 |
www.mortgagedaily.com/litigationmbs051011.asp |
| Wells Fargo N.A., |
Alameda County Employee’s Retirement Association |
United States District Court for the Northern District of California |
n/a |
Judge grants motion to seal certain materials relating to granting of class certification in mortgage backed securities class action suit. |
In Re: Wells Fargo Mortgage Backed Certificates Litigation |
09/cv-1376-LHK (PSG) |
n/a |
www.mortgagedaily.com/litigationmbs051011.asp |
| Citimortgage Inc. |
Allstate Ins. Co. |
Supreme Court of the State of New York- County of New York |
$385,000,000 |
Insurer claims bank, as trustee, improperly invested in mortgage backed securites resulting in losses to the insurer. |
Allstate Ins. Co. v. Citimortgage Inc. |
650432/2011 |
n/a |
www.mortgagedaily.com/litigationmbs051011.asp |
| Fabrice Tourre |
SEC |
United States District Court for the Southern District of New York |
n/a |
The SEC sued Goldman Sachs and one of its traders, Tourre, for fraud. After GS settled with the SEC for $550 million, the SEC continues to prosecute Tourre. |
SEC v. Tourre |
10-03229 |
04/16/10 |
www.mortgagedaily.com/MctGoldman060311.asp |
| Wells Fargo Securities, LLC fka Wachovia Capital Markets LLC |
Securities and Exchange Commission |
United States of America Before the Securities and Exchange Commission |
$11,000,000 |
Wells Fargo has agreed to settle for $11 million charges that subsidiary Wachovia Inc. improperly peddled mortgage investments before being acquired by Wells Fargo. |
In re: Wells Fargo Securities, LLC (fka Wachovia Capital Markets LLC) |
3-14320 |
04/05/11 |
www.mortgagedaily.com/MctSettlementWellsSec040511.asp |
| RBS Securities, Inc., f/k/a Greenwich Capital Markets, Inc., Greenwich Capital Acceptance, Inc., Financial Asset Securities Corp., Fremont Mortgage Securities Corp., Residential Funding Mortgage Securities II, Inc., Indymac MBS, Inc., Novastar Mortgage Funding Corp., Nomura Home Equity Loan, Inc., Lares Asset Securitization, Inc., Saxon Asset Securities Co., and Wachovia Mortgage Loan Trust LLC |
National Credit Union Administration Board, as Liquidating Agent for U.S. Central Federal Credit Union |
United States District Court for the District of Kansas |
$400,000,000 |
Defendants are accused of violating federal and state securities laws and misrepresenting the sale of hundreds of securities to five failed credit unions that the NCUA took over as liquidating agent. Investigations uncovered numerous material misrepresentations by the underwriters in the offering documents, according to Plaintiff. 2 lawsuits totaled $800 mil in damages; attributed half. |
National Credit Union Administration Board v. RBS Securities Inc., et al. |
2:11-cv-02340-RDR-KGS |
06/20/11 |
www.mortgagedaily.com/LawsuitNcua062011.asp |
| Morgan Keegan & Company, Inc., Morgan Asset Management, Inc., James C. Kelsoe, Jr. and Joseph Thompson Waller, CPA |
U.S. Securities and Exchange Commission, Financial Industry Regulatory Authority, and regulators in the states of Tennessee, Kentucky, Alabama, Mississippi and South Carolina |
United States of America before the Securities and Exchange Commission |
$200,000,000 |
Defendants entered into a settlement agreement with regulators and agreed to pay $200 million to settle civil fraud charges that it defrauded investors, including many in Georgia, who bought into funds that included subprime mortgage loans that soured when the housing market fell. |
In the Matter of Morgan Keegan & Company, Inc., Morgan Asset Management, Inc., James C. Kelsoe, Jr. and Joseph Thompson Waller, CPA |
Administrative File No. 3-13847 |
04/07/10 |
www.mortgagedaily.com/MctSettlementRegions062211.asp |
| J.P. Morgan Securities LLC (f/k/a J.P. Morgan Securities Inc. |
U.S. Securities and Exchange Commission |
United States District Court Southern District of New York |
$153,600,000 |
J.P. Morgan agreed to pay $153.6 million to settle claims that it misled investors in complex mortgage pools as the housing market fell. |
Securities and Exchange Commission v. J.P. Morgan Securities LLC |
11-04206 |
06/21/11 |
www.mortgagedaily.com/MctSettlementRegions062211.asp www.mortgagedaily.com/SettlementJpMorganSEC062111.asp |
| Edward S. Steffelin |
U.S. Securities and Exchange Commission |
United States District Court Southern District of New York |
n/a |
Defendant is accused of heading a team at GSCP (NJ) L.P. — an experienced investment advisory firm of bankrupt GSC Capital Corp.–that was promoted as the firm that actually assembled the CDO that J.P. Morgan structured and marketed to investors, which resulted in a SEC lawsuit against J.P. Morgan. Steffelin allegedly drafted and approved marketing materials promoting GSC’s selection of the portfolio without disclosing to investors that a prominent hedge fund named Magnetar played a role in the selection process. Magnetar held a $600 million short position and stood to profit if the CDO failed. |
Securities and Exchange Commission v. Steffelin |
11-04204 |
06/21/11 |
www.mortgagedaily.com/SettlementJpMorganSEC062111.asp |
| J.P. Morgan Securities LLC, J.P. Morgan Acceptance Corporation I, American Home Mortgage Assets LLC, Indymac MBS, Inc., and Bond Securitization, LLC |
National Credit Union Administration Board, as Liquidating Agent of U.S. Central Federal Credit Union, Western Corporate Federal Union, Members United Corporate Federal Credit Union, and Southwest Corporate Federal Credit Union |
United States District Court for the District of Kansas |
$400,000,000 |
Plaintiff alleges that Defendant violated federal and state securities laws and misrepresented the sale of hundreds of securities to five failed credit unions that the NCUA took over as liquidating agent. 2 lawsuits totaled $800 mil in damages; attributed half. |
National Credit Union Administration Board v. J.P. Morgan Securities LLC ,et al. |
11-cv-2341 EFM/JPO |
06/20/11 |
www.mortgagedaily.com/SettlementJpMorganSEC062111.asp |
| Radius Capital Corp., Robert A. DiGiorgio |
SEC |
United States District Court for the Middle District of Florida |
Injunctive relief |
The SEC alleges that DiGiorgio and Radius misrepresented to Ginnie Mae and MBS investors that 15 MBS were filled with loans insured by the FHA when they in fact were not FHA-insurable. DiGiorgio disputes allegations in phone interview. |
SEC v. Radius Capital Corp. |
2:11-cv-00116-JES-DNF |
03/07/11 |
www.mortgagedaily.com/LawsuitRadius052711.asp |
| Ally Bank, BAC Home Loans Servicing, L.P., Bank of America Corp., CWALT, Inc., CWHEQ, Inc., CWMBS, Inc., Countrywide Capital Markets, LLC, Countrywide Financial Corp., Countrywide Home Loans Servicings, L.P., Countrywide Home Loans, Inc., Countrywide Securities Corp., GMAC Mortgage LLC, Homecomings Financial, LLC, Angelo Mozilo, NB Holdings Corp., Residential Accredit Loans, Inc., Residential Asset Mortgage Products, Inc., Resdiential Funding Co., LLC, Residential Funding Securities, LLC, David Sambol, |
Thrivent Financial for Lutherans, Thrivent Balanced Fund, Thrivent Balanced Portfolio, Thrivent Bond Index Portfolio, Thrivent Core Bond Fund, Thrivent Financial Defined Benefits Plan Trust, Thrivent Income Fund, Thrivent Life Insurance Co., Thrivent Limited Maturity Bond Fund, Thrivent Limited Maturity Bond Portfolio |
United States District Court for the District of Minnesota |
n/a |
Investors suing countrywide for poor underwriting practices causing securities backed by mortgages to go bad. Defendants removed case to federal court. |
Thrivent Financial for Lutherans et al v. Countrywide Financial Corp et al |
011-cv-01111 |
n/a |
www.mortgagedaily.com/litigationmbs051011.asp |
| Ally Financial, Inc. , Banc of America Funding Corporation , Bank of America Corporation , Bank of America, National Association , Barclays Capital Inc. , Barry J. O’Brien, BCAP LLC , Bear Stearns Asset Backed Securities I LLC , Capital One Financial Corporation , Capital One, National Association , Chevy Chase Funding, LLC , Christopher M. O’Meara, Citicorp Mortgage Securities, Inc. , Citigroup Financial Products, Inc. , Citigroup Global Markets Inc. , Citigroup Global Markets Realty Corp. , Citigroup Inc. , Citigroup Mortgage Loan Trust Inc. , Citimortgage, Inc. , Countrywide Financial Corporation , Countrywide Home Loans, Inc. , Countrywide Securities Corporation , Credit Suisse (USA), Inc. , Credit Suisse First Boston Mortgage Securities Corp. , Credit Suisse Holdings (USA), Inc. , Credit Suisse Securities (USA) LLC , CWALT, Inc. , CWMBS, Inc. , DB Structured Products, Inc. , DB U.S. Financial Market Holding Corporation , Deutsche Alt-A Securities, Inc. , DEUTSCHE BANK SECURITIES, INC. , DLJ Mortgage Capital, Inc. , Edward Grieb, EMC Mortgage Corporation , Fitch, Inc. , GMAC Mortgage Group, LLC , Goldman Sachs & Co. , IMH Assets Corp. , Impac Funding Corporation , Impac Mortgage Holdings, Inc. , Impac Secured Assets Corp. , J.P. Morgan Acceptance Corporation I , J.P. Morgan Mortgage Acquisition Corp. , James J. Sullivan, JPMorgan Securities Holdings LLC , Kristine Smith, Lana Franks, Mark Zusy, Merrill Lynch & Co., Inc. , Merrill Lynch Mortgage Investors, Inc. , Merrill Lynch Mortgage Lending, Inc. , Merrill Lynch Pierce Fenner & Smith, Inc. , Moody’s Corporation , Moody’s Investors Service, Inc. , Morgan Stanley , Morgan Stanley & Co. Inc., , Morgan Stanley Capital I Inc. , Morgan Stanley Mortgage Capital Holdings, LLC , Mortgage Asset Securitization Transactions, Inc. , MortgageIT Securities Corp , MortgageIT, Inc. , Nomura Asset Acceptance Corporation , Nomura Credit & Capital, Inc. , Nomura Holding America, Inc. , Nomura Securities International, Inc. , RBS Acceptance Inc. , RBS Financial Products Inc. , RBS Holdings USA Inc. , RBS Securities Inc. , Residential Accredit Loans, Inc. , Residential Funding Company, LLC , Richard McKinney, Richard S. Fuld, Jr., Samir Tabet, Sandler, O’Neill & Partners, L.P. , Standard & Poor’s Financial Services LLC , Structured Asset Mortgage Investments II Inc. , The Bear Stearns Companies LLC , The McGraw-Hill Companies, Inc. , UBS Americas Inc. , UBS Real Estate Securities Inc. , UBS Securities LLC , Wamu Capital Corp. , Wells Fargo & Company , Wells Fargo Asset Securities Corporation , Wells Fargo Bank, National Association , Defendants John Doe 1-50, JP Morgan Chase & Co. and MORTGAGEIT HOLDINGS, INC. |
Federal Home Loan Bank of Boston |
Massachusetts Superior Court- Suffolk County |
$5,800,000,000 |
FHLB sues a number of parties related to private-label mortgage backed securities offerings that went bad. FHLB alleges various misrepresentations re: quality of securities |
Federal Home Loan Bank of Boston v. Ally Financial, et al. |
1:2011cv10952 |
05/26/11 |
www.mortgagedaily.com/litigationmbs051011.asp |
| BAC Home Loans Servicing LP |
MBS investors |
n/a |
n/a |
Agreement reached on Oct. 18, 2010, was extended. The Bank of New York Mell joined the agreement. |
n/a |
n/a |
n/a |
www.mortgagedaily.com/litigationmbs051011.asp |
| Countrywide Home Loans, Inc., Park Granada LLC, Park Monoco Inc., Park Sienna LLC, Bank of America Corp., Bank of New York Mellon |
Walnut Place LLC |
Supreme Court of the State of New York- County of New York |
$1,060,000,000 |
Investors suing to force repurchase of loans underlying securities purchased by plaintiff, alleging breached representations and warranties on the part of Countrywide |
Walnut Place LLC v. Countrywide Home Loans, Inc. et al |
650497/2011 |
n/a |
www.mortgagedaily.com/litigationmbs051011.asp |
| ICP Asset Management, Moore Capital |
American International Group |
Supreme Court of the State of New York- County of New York |
n/a |
AIG suing managers of CDO’s who allegedly made false representations that CDO’s contained prime mortgages |
American Int’l Group v. ICP Asset Management |
n/a |
n/a |
www.mortgagedaily.com/litigationmbs051011.asp |
