CHARLOTTE, N.C. - (Mealey's) Bank of America Corp. will pay $8.5 billion to settle claims regarding "nearly all of the legacy Countrywide-issued first-lien residential mortgage-backed securitization (RMBS) repurchase exposure, representing 530... Read More
According to Popular, Inc.'s January 27, 2011 press release ( here ), the Puerto Rican bank holding company has reached an agreement in principle to settle the subprime related securities lawsuit pending against the company, as well as in the related... Read More
DALLAS -- A surge in legal actions tied to foreclosures and investors-related cases helped push the Mortgage Litigation Index to an all-time high during the first quarter. Criminal cases more than doubled and mortgage insurance is emerging as an area... Read More
TRENTON, N.J. - (Mealey's) A unanimous New Jersey Supreme Court on Aug. 2 found that two title insurance companies cannot be held liable for an attorney's misappropriation of a couple's closing funds for a home sale because no agency relationship... Read More
LOS ANGELES - (Mealey's) A federal judge in California on Aug. 9 preliminarily approved a $125 million settlement agreement between shareholders, former officers and directors of subprime mortgagor New Century Financial Corp., the company's outside... Read More
DALLAS - Legal actions tied to mortgage lending jumped by more than 40 percent in the third quarter of the year based on the Mortgage Litigation Index out Dec. 13. Activity on more than 100 civil and criminal mortgage-related cases was tracked from... Read More
Greenwich Fin. Servs. Distressed Mortgage Fund 3 LLC v. Countrywide Fin. Corp. (603 F.3d 23, 2010 U.S. App. LEXIS 8088 [2d Cir. Apr. 20, 2010]) [ enhanced version available to lexis.com subscribers / unenhanced version available from lexisONE Free Case... Read More
SAN JOSE, Calif. - (Mealey's) Lead plaintiffs and Wells Fargo Bank, N.A., its subsidiary and four officers and directors have agreed to a $125 million settlement of claims filed by investors in connection with Wells Fargo's offering of $36 billion... Read More
NEW YORK - (Mealey's) In what Wachovia Corp. shareholders' attorneys are calling the single-largest recovery for claims brought "solely pursuant to" the Securities Act of 1933, the shareholders, Wachovia, certain of its affiliates and... Read More
WASHINGTON, D.C. - (Mealey's) J.P. Morgan Securities LLC will pay $153.6 million to settle claims brought by the Securities and Exchange Commission alleging that it misled investors "in a complex mortgage securities transaction just as the housing... Read More
BOSTON - (Mealey's) Financial giant Morgan Stanley & Co. Inc. has agreed to pay $102 million to settle claims that it illegally provided funding to lenders that provided Massachusetts homeowners with subprime loans and has agreed to a number of... Read More
NEW YORK - Goldman, Sachs & Co. has agreed to pay $550 million in penalties and to change its business practices to settle allegations brought by the U.S. Securities and Exchange Commission that it misled investors in a subprime mortgage product,... Read More
LOS ANGELES - Countrywide Financial Corp. has agreed to pay $335 million to settle claims by the U.S. government that the lender and its subsidiaries engaged in discriminatory lending practices by steering African-American and Hispanic borrowers toward... Read More
On May 3, 2011, the U.S. Attorney for the Southern District of New York, Preet Bharara, filed a False Claims Act (FCA) suit against Deutsche Bank AG and its subsidiary, MortgageIT, Inc., for making allegedly false statements and certifications of compliance... Read More
Over the last few days, there have been a series of rulings in high-profile lawsuits arising out of the subprime meltdown and credit crisis. As discussed below, just in the past week there were dismissal motion rulings in cases involving Freddie Mac,... Read More