Yield Spread Premium Lawsuits 2007 Mortgage Litigation Report

written by
MORTGAGE EXPERT
2 · 11 · 08
Defendant
Plaintiff
Court
Amount
Overview
Case Title
Mark Gallagher
.
.
Broker sues after being blacklisted for sharing YSPs with his borrowers as an inducement to get them to refinance.
.
Irwin
U.S. Court of Appeals for the 11th Circuit
.
Appellate court ruled that yield spread premiums paid to mortgage brokers are proper unless consumers can prove the amount is excessive
Culpepper v. Irwin Mortgage Corp.
Christopher Kubiak (named Plaintiff)
U.S. District Court, Northern District of California
.
Subprime lender allegedly failed to disclose to borrowers the yield spread premiums it had paid to brokers, resulting in purportedly higher interest rates
Kubiak v. NovaStar Mortgage, Inc.
Cameron Pierce (named Plaintiff)
U.S. District Court, Western District of Washington, Seattle Division
$5.1 million settlement
Subprime lender settled class action suit based upon its alleged failure to disclose to borrowers the yield spread premiums it had paid to brokers, resulting in purportedly higher interest rates
Pierce v. NovaStar Mortgage, Inc.

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