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Regulatory Lawsuits Fourth-Quarter 2011 Mortgage Litigation Index

Regulatory Lawsuits
Fourth-Quarter 2011 Mortgage Litigation Index
Lawsuits by or against regulatory agencies.

Defendant
Plaintiff
Court
Amount
Overview
Case Title
Case Number
Date Filed Date of Activity Link to Story
CoreLogic Valuation Service as successor company to eAppraiseIT  Federal Deposit Insurance Corp. on behalf of WaMu U.S. District Court for the Central District of California $129,000,000 Four of six claims dismissed. na na 5/9/2011 Nov. 2011 www.mortgagedaily.com/LitigationAppraisal021312.asp
Lender Processing Services Inc. Federal Deposit Insurance Corp. on behalf of WaMu U.S. District Court for the Central District of California $154,529,000 Order issued by judge limiting the FDIC’s claims to breach of the contract and granting LPS’ motion to dismiss the regulator’s claims of gross negligence, single business enterprise and joint venture claims. na na 5/10/2011 11/2/2011 www.mortgagedaily.com/LitigationAppraisal021312.asp, www.mortgagedaily.com/MctLawsuitLps110611.asp
State of Nevada Integrated Financial Associates Inc. U.S. Bankruptcy Court for Nevada $46,000,000 Defendant asked for an injunction prohibiting the state from failing to renew IFA’s mortgage broker license. na na 3/14/2011 11/22/2011 www.mortgagedaily.com/MctLawsuitIntegrated112311.asp
Ebrahim Shabudin, Thomas Yu na na na Defendants indicted in connection with United Commercial Bank’s failure by  conspiring to commit securities fraud, falsifying corporate books and records, and lying to auditors na na na na www.mortgagedaily.com/LitigationCriminal103111.asp
Fannie Mae California Attorney General Kamala D. Harris San Francisco County Superior Court na Lawsuit filed seeking answers about defendants’ role in California’s housing meltdown. But, federal officials say it’s against the law to issue subpoenas to the two companies according to the HERA of 2008. na na 12/20/2011 na www.mortgagedaily.com/MctLawsuitCalifGses122111.asp, www.mortgagedaily.com/MctGseSubpoenas111711.asp
Freddie Mac California Attorney General Kamala D. Harris San Francisco County Superior Court na Lawsuit filed seeking answers about defendants’ role in California’s housing meltdown. But, federal officials say it’s against the law to issue subpoenas to the two companies according to the HERA of 2008. na na 12/20/2011 na www.mortgagedaily.com/MctLawsuitCalifGses122111.asp, www.mortgagedaily.com/MctGseSubpoenas111711.asp
Mortgage Connection Inc. Minnesota Commerce Commissioner Mike Rothman na $132,000 Consent order issued. na na na Dec. 2011 www.mortgagedaily.com/LitigationForeclosureFirms011612.asp
City of Chicago Federal Housing Finance Agency U.S. District Court for the Northern District of Illinois na Complaint filed alleging Defendant passed an ordinance that requires mortgage servicers to maintain vacant properties — even before the foreclosure process has completed. Plaintiff is suing to prevent enforcement of the ordinance. FEDERAL HOUSING FINANCE AGENCY, On its Own Behalf and as Conservator of Fannie Mae and Freddie Mac, Plaintiff, v. CITY OF CHICAGO, a municipal corporation, Defendant 1:11-cv-08795 12/12/2011 na www.mortgagedaily.com/LawsuitFhfaChicago121211.asp
Ally Financial Inc. Federal Housing Finance Agency U.S. District Court, Southern District of New York na Case moved to federal court. Federal Housing Finance Agency, et al, Plaintiff, -against- Ally Financial Inc., et al na 9/2/2011 Oct. 2011 www.mortgagedaily.com/LitigationMbs102511.asp
Countrywide Financial Corp. Federal Housing Finance Agency U.S. District Court, Southern District of New York (originally filed in Supreme Court of the State of New York County of New York) na Plaintiff claims that defendant improperly moved  suit from state to federal court as part of a strategy to have the case transferred to multidistrict litigation case in California. Plaintiff moved to have the case remanded to state court. FEDERAL HOUSING FINANCE AGENCY, AS CONSERVATOR FOR THE FEDERAL NATIONAL MORTGAGE ASSOCIATION AND THE FEDERAL HOME LOAN MORTGAGE CORPORATION, Plaintiff, -against- COUNTRYWIDE FINANCIAL CORPORATION; COUNTRYWIDE HOME LOANS, INC.; COUNTRYWIDE CAPITAL MARKETS, LLC; COUNTRYWIDE SECURITIES CORPORATION; CWALT INC.; CWABS, INC.; CWMBS, INC; BANK OF AMERICA CORPORATION; BANK OF AMERICA, N.A.; NB HOLDINGS CORPORATION; BANC OF AMERICA SECURITIES LLC; CITIGROUP GLOBAL MARKETS, INC.; DEUTSCHE BANK SECURITIES INC.; RBS SECURITIES, INC. (f/k/a GREENWICH CAPITAL MARKETS, INC.); UBS SECURITIES, LLC; N. JOSHUA ADLER; THOMAS H. BOONE; JEFFREY P. GROGIN; RANJIT KRIPALANI; STANFORD KURLAND; THOMAS KEITH MCLAUGHLIN; JENNIFER S. SANDEFUR; ERIC SIERACKI; DAVID A. SPECTOR; Defendants 11cv6916 9/2/2011 10/19/2011 www.mortgagedaily.com/LitigationMbs102511.asp”>www.mortgagedaily.com/LitigationMbs102511.asp
Daniel H. Mudd, Enrico Dallavecchia, and Thomas A. Lund Securities and Exchange Commission U.S. District Court for the Southern District of New York na Defendants allegedly misstated their subprime mortgage holdings in public filings, investor calls and media interviews, in addition to masking the degree of Alt-A exposure. Plaintiff is seeking financial penalties and for the executives to return ill-gotten gains. A permanent injunction is also sought barring the defendants from being an officer or director of a publicly traded company registered under Section 12 of the Securities and Exchange Act of 1934. UNITED STATES SECURITIES AND EXCHANGE COMMISSION, Plaintiff,-v. DANIEL H. MUDD, ENRICO DALLAVECCHIA, and THOMAS A. LUND, Defendants 11 CIV 9202 12/18/2011 na www.mortgagedaily.com/LawsuitSecGseExecs121611.asp
General Electric Co. Federal Housing Finance Agency U.S. District Court, Southern District of New York na Case moved to federal court. Federal Housing Finance Agency, et al, Plaintiff, -against- General Electric Company, et al na 9/2/2011 Oct. 2011 www.mortgagedaily.com/LitigationMbs102511.asp
Morgan Stanley Federal Housing Finance Agency U.S. District Court, Southern District of New York na Case moved to federal court. Federal Housing Finance Agency, et al, Plaintiff, -against- Morgan Stanley, et al na 9/2/2011 Oct. 2011 www.mortgagedaily.com/LitigationMbs102511.asp
Richard F. Syron, Patricia L. Cook, and Donald J. Bisenius Securities and Exchange Commission U.S. District Court for the Southern District of New York na Defendants allegedly misstated their subprime mortgage holdings in public filings, investor calls and media interviews. Plaintiff is seeking financial penalties and for the executives to return ill-gotten gains. A permanent injunction is also sought barring the defendants from being an officer or director of a publicly traded company registered under Section 12 of the Securities and Exchange Act of 1934. U.S. SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. RICHARD F. SYRON, PATRICIA L. COOK, and DONALD J. BISENIUS, Defendants 11 CIV 9201 12/18/2011 na www.mortgagedaily.com/LawsuitSecGseExecs121611.asp
Old Republic Insurance Co. Federal Deposit Insurance Corp. on behalf of AmTrust Bank U.S. District Court for the Northern District of Ohio $46,000,000 Several motions filed Federal Deposit Insurance Corporation, as Receiver of AmTrust Bank v. Old Republic Insurance Company 1:11-cv-00371-JG 2/11/2011 Nov. 2011 www.mortgagedaily.com/LitigationMI122911.asp
Arizona Department of Insurance The PMI Group Inc. Arizona Superior Court, Maricopa County na PMI seeks reversal of seizure by Arizona Department of Insurance. State of Arizona v. PMI Mortgage Insurance Co. CV2011-018944 na 10/28/2011 www.mortgagedaily.com/Closings111111.asp

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