Woman Wins Nearly $5 Million Verdict Against Ameriquest
An Oklahoma borrower, who claims Ameriquest Mortgage Co. ruined her credit because it didn't pay off mortgages in refinance transactions, has won the largest individual verdict ever obtained against the massive subprime company.
Chase Still Battling Poconos Homeowners
A settlement between Chase Manhattan Mortgage Corp. and borrowers who say they were duped into buying overpriced homes in the Poconos may be on the rocks.
Correspondent Lender Fined for Phone Calls
Florida officials have taken legal action against a correspondent lender for telemarketing to prohibited phone numbers.
Ellie, Calyx Settle
Two giants in mortgage origination technology have settled a lawsuit.
Broker Facing Unrelated Criminal, Civil Actions
A mortgage broker already facing charges of ripping off the family of a 9/11 terrorist attack victim has been sued for allegedly stealing a New York woman's home.
Credit Report, Doc Prep Fees Land Lender in Litigation
A Baltimore, Md.-based company has been accused in a class-action lawsuit of charging excessive and illegal fees in connection with second-mortgage loans.
Supervisor's Comments at Issue in Lawsuit Against E-LOAN
A San Francisco-area online lender is being sued for anti-gay and anti-ethnic statements allegedly made by a company supervisor.
Mortgage Servicer Sued Over Privacy Breaches
Financial information for 200,000 people, including 60,000 with active mortgages, has been stolen from a Texas-based loan servicer -- landing the company in court.
Lawsuit Alleges Fraud at Berkshire Mortgage Sub
A messy lawsuit against a Berkshire Hathaway mortgage subsidiary alleging investors were misled about the nature of their investments may be close to settlement.
LOs Sue Ohio Mortgage Banker Over OT
Four Florida loan officers have filed a collective action against an Ohio mortgage banker for alleged unpaid minimum wage and overtime. But the company says the complaint is only a reaction to theft accusations made against some of the originators.
Release Fees Lead to Class Action Settlement
The Aloha state's second largest bank could pay nearly $2.5 million to more than 30,000 mortgage customers who sued the bank over fees charged when their mortgages were paid off.
Criminal Charges Filed in Massive Northwest Fraud Case
The comptroller of a once "high-flying" mortgage firm in Washington state that went under in a spectacular financial flame out is facing criminal charges and is among a group of former executives being sued by the federal government.
IL High Court Rules in Favor of Preemption
States were dealt a blow in their campaign to regulate the fees lenders can charge for loans.
Florida Foreclosures Flounder
A Florida judge has stopped foreclosures performed by a mortgage service provider after determining only mortgage note owners, not assignees or authorized agents, are allowed to foreclose.
Superior Settles With FTC
A net branch company has settled Federal Trade Commission charges that it misled online customers about the security of their private data.
BoA Settles OT Class Action With LOs
Bank of America has agreed to pay $9 million to settle a class-action lawsuit that accused the bank of wrongly denying mortgage retail lending employees financial compensation for overtime.
Harassment Complaint Filed Against Subprime Wholesaler
A subprime wholesaler is accused of ignoring sexual harassment by former female employees -- who also allege fraud.
Chase Loses Court Battle
A federal district court rejected Chase Manhattan Mortgage Corp.'s claims of fraud and negligent misrepresentation by Advanta Corp.
Court Rules Against Lender in Mo. Doc Prep Case
More than 60,000 holders of home mortgages in Missouri could get checks in the mail they weren't expecting over the next two years if a Clayton law firm continues to win cases against banks and other lenders over an obscure issue.
Maryland Judge Says No to Federal Preemption for Brokers
A Maryland appeals court judge ruled that brokers fall under a state law that sets limits on the fees they charge consumers for arranging mortgages.
Appeals Judge Rules on Federal Preemption
In the battle between the federal government and the states, a federal appeals court ruling lobbed one in favor of the feds. And the states.
Wells Sued Over Pricing
Wells Fargo & Co. is being sued for allegedly charging higher fees and interest rates to minorities. The plaintiffs, who seek class action certification, say special origination software enabled branches in non-minority neighborhoods to offer lower pricing.
Broker Sued by LOs Over OT, Minimum Wages
Loan officers in three states have sued an Indianapolis-based mortgage broker over allegations they were not paid minimum wage and overtime compensation.
Future of Mortgage Banking Firm at Stake in Divorce Battle
Bryan Feldman walked into a Las Vegas branch office of American Equity Mortgage Inc. on June 30, ready for a tough, but exciting day at work.
Lender Faces Up to $80,000 in Do Not Call Fines
A Florida correspondent lender has joined a growing list of mortgage companies being sued for alleged "Do Not Call" violations.
Accusers Become Accused
After years of accusing mortgage lenders of wrongdoing, a class action law firm has itself been implicated in a criminal indictment.
Missouri Mortgage Co. Sued Over No Call Violations
The Missouri attorney general is suing a mortgage company for alleged "No Call" violations -- which could end up costing the lender at least $1.5 million.
Ameriquest Overcharge Accusations Settled
Leading subprime lender Ameriquest Mortgage Co. has agreed to pay up to $50 million to settle a class action suit that accused the California-based company of, among other things, charging excessive fees.
New Law Benefits Lender Class Action Defendants
The Class Action Fairness Act of 2005 was signed into law on February 18, 2005.
Judgment Could Cost New Century Millions
A civil verdict awarded by a jury against the former chief information officer of an Orange County, Calif., lender may end up costing New Century Mortgage Corp. more than $11 million.
Lawsuits Contend Texas Home Equity ARMs Illegal
Separate class action complaints have been filed against two major subprime companies by Texas borrowers alleging their adjustable rate home equity mortgages are unlawful in the state.
Broker Baffled By No-Call Lawsuit
The Wisconsin attorney general has filed a lawsuit against a mortgage broker for allegedly violating the state's no-call list for telemarketers even though the broker thought the case had been settled.
Borrower Rescinds HOEPA Loan 1.5 yrs After Closing
A federal judge has ruled on a Washington, D.C., woman's attempt to rescind her high cost loan a year and a half after closing.
Stated Income at Issue in MI Lawsuit
A lawsuit between a mortgage insurance company and a subprime lender has taken a turn -- with testimony from a key executive leading to new accusations from the defendant in the case. At the heart of the latest action is the distinction between "stated income" and "no ratio" loans.
Ohio Supreme Court Rules Against Lenders
Mortgage lenders in Ohio have lost a class action court battle and now face penalties for the late filing of lien releases during the past six years.
WaMu Ordered to Rehire Whistleblower
The government has told Washington Mutual to rehire and compensate with back wages an executive it fired last year after she questioned the bank's lending practices. But the company disputes her allegations and may appeal the order.
Countrywide Settles Massive OT Lawsuit
Preliminary approval has been granted by the Los Angeles County Superior court for the largest mortgage industry hour and wage lawsuit settlement in California -- against the nation's largest mortgage lender.
E*TRADE Loses Lock Fee Appeal
Mortgage lenders must return rate lock-in fees if the borrower backs out of the deal, a federal appeals court of Appeals has ruled.
Lender Sues Former Branch Manager
The one time head of the Texas Association of Mortgage Brokers is bankrupt and fighting a legal battle with one of the nation's biggest government wholesalers.
Mortgage Lead Generator Busted by FTC
Federal and state government agencies have filed a complaint against a California company that generates mortgage leads by allegedly sending millions of illegal e-mail ads.
Overtime Lawsuits Overwhelm Industry
The industry is taking a pounding from a series of employee lawsuits alleging unpaid overtime. But employers argue that the overlapping of state and federal laws are fueling the claims.
Payoff Fees at Issue in Class Action
A federal judge has refused to dismiss a federal class action lawsuit against a New York mortgage lender accused of charging excessive fees.
Ameriquest in Hot Water Over Lending Practices
Ameriquest Mortgage Co. has agreed to settle a California class action lawsuit and is in talks with dozens of states over alleged abusive lending practices, the Los Angeles Times reported.
InterFirst Sues Indiana Broker for $5.5 Million in Bad Loans
ABN AMRO Mortgage Group claims in a federal lawsuit it is the victim of a large scale fraud perpetrated by a mortgage broker, appraisers and a title company among others.
Ocwen Employee Secretly Videotaped Women
Two former female employees of a large Florida mortgage company claim they were secretly videotaped by another former employee, who then sold photos to Internet Web sites. The two took their case to court and were each awarded $1million.
Mortgage Broker, Doctor in Lawsuit Over Kid's Hockey
Seventh grade youth hockey player Jordan Hale, the son of Maine mortgage broker, had just finished playing a game when a man burst into his team's locker room.
Dynex Accused of Hiding Repos
A Virginia REIT has been accused in a class action federal lawsuit of securities fraud in connection with a bond issue collateralized by manufactured housing loans.
Ms Daisy Writer Drives Mortgage Company Out of Business
The Pulitzer Prize-winning writer of Driving Miss Daisy allegedly drove his son-in-law out of the mortgage business, according to a federal law suit.
Bad Underwriting at Heart of Class Action Lawsuit
Bombardier Capital, the financial arm of a Canadian manufacturing giant, has been accused in a class action lawsuit of deceiving investors about the quality of manufactured housing loans.
Predatory Accusations Drive Lender into Bankruptcy
A class-action lawsuit has helped push a Colorado company accused of operating a predatory loan program into bankruptcy.
Fannie, Freddie Sued Over G-Fees
Fannie Mae and Freddie Mac, already smarting from accounting scandals and management shakeups, are now taking heat for charging homeowners fees that are buried inside mortgage payments.
Name Blame
A small mortgage company doing battle with an investment firm that manages more than $90 billion in assets has agreed to relinquish its name.
Lead Company Sued Over Mortgage Spamming
The Texas Attorney General has filed a federal lawsuit against two alleged spammers, including a college student, accused of flooding e-mail recipients with offers of mortgage refis and other financial deals.
Borrowers Sue Foreclosure Attorney, Lenders
A group of low income homeowners have banded with a community nonprofit group to take on a Louisiana law firm and a group of mortgage lenders in court.
Pritzkers to See Some of Superior Settlement
One of the nation's top accounting firms will pay $125 million to the federal government for its role in the collapse of a Chicago subprime mortgage lender.
