Mortgage Crisis
Deutsche Bank National Trust claims Countrywide Home Loans nka Bank of America owes it $253.5 million for breach of contract and warranties on pooled mortgage loans during the financial crisis, in L.A. Superior Court.
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Transit Authority’s Politics Ban Puts General Counsel in Hot Seat
Defending a no-politics policy that took effect after an openly anti-Muslim group beat it in court, a lawyer for the Southeastern Pennsylvania Transportation Authority testified Monday that the agency was justified in blocking advertising about racial disparities in mortgage lending.
Read moreElderly Widow Says Imminent Eviction Violates HUD Policy
An 85-year-old whose late husband took out a reverse mortgage on their home claims in a federal complaint that the U.S. Department of Housing and Urban Development is trying to evict her.
Read moreInvestors Lose Fight Over Fannie, Freddie Profits
The Eighth Circuit ruled Thursday that the federal government’s diversion of Fannie Mae and Freddie Mac profits to the U.S. Treasury Department after the 2008 housing collapse did not illegally shortchange shareholders.
Read moreProsecution in Manafort Trial Aims to Rest Friday
With just four witnesses left to take the stand, prosecutors for Special Counsel Robert Mueller said Thursday they expect to rest their fraud case against former Trump campaign chair Paul Manafort this week.
Read moreAirbnb Exec Details Manafort’s Haul With SoHo Condo
In the same month that Paul Manafort was seeking a mortgage on his Manhattan apartment, the condominium’s Airbnb rental listing was deactivated, a witness from the travel website confirmed Thursday on the witness stand.
Read moreWells Fargo to Pay $2.09 Billion for Selling Faulty Mortgages
Wells Fargo Bank, N.A. will pay $2.09 billion under the Financial Institutions Reform, Recovery, and Enforcement Act to settle claims it knowingly originated and sold residential mortgages it knew contained misstated income information, the Justice Department said Wednesday.
Read moreMerrill Lynch Whacked
Merrill, Lynch, Pierce, Fenner & Smith will pay $15.7 million — $10.5 million to customers and $5.2 million in penalties — for misleading customers into overpaying for residential mortgage-backed securities, the SEC said Tuesday.
Read moreMortgage Fees
A $5 million federal class action claims that Seterus, a mortgage servicer, charges illegal fees for paying online.
Read moreEighth Circuit Hears Dispute Over Mortgage Profits
The Eighth Circuit heard arguments Tuesday over whether the diversion of Fannie Mae and Freddie Mac’s profits to the U.S. Treasury Department after the 2008 financial crisis illegally stiffed shareholders.
Read moreCourt Rules Investors Can’t Claim Post-Bailout Mortgage Profits
In a ruling Thursday, the Seventh Circuit upheld the Federal Housing Finance Agency’s authority to divert Fannie Mae and Freddie Mac’s future profits to the U.S. Treasury Department as a condition of their $188 billion bailout during the 2008 financial crisis.
Read moreWells Fargo Fined $1B for Auto, Mortgage Loan Abuses
Federal regulators slammed Wells Fargo with $1 billion in fines on Friday for its force-placed auto insurance policies and for making mortgage customers pay the fees it was supposed to carry.
Read moreAppeals Court Grapples With Florida Foreclosure Battle
The 11th Circuit showed impatience Tuesday for both Wells Fargo and the homeowners suing the bank over an unsuccessful foreclosure action that they say caused them emotional distress.
Read more‘Mortgage Assistance’ Scam
The FTC unsealed a federal complaint accusing the American Home Servicing Center, the Capital Home Advocacy Center, the National Advocacy Center and others of a long-running mortgage assistance scam.
Read moreMary J. Blige Sued for $9 Million on Mortgage Notes
Accusing Mary J. Blige of falling behind on mortgage payments for two New Jersey homes, Apex Bank brought a $9 million complaint Friday against the star and her ex-husband.
Read moreRBS to Pay $500M for Deception on Mortgage-Backed Securities
The Royal Bank of Scotland agreed to pay $500 million to New York for using deceptive practices while marketing and selling mortgage-backed securities before the 2008 financial crisis, under a settlement announced on Tuesday.
Read moreNot Cricket
Merscorp Holdings and Mortgage Electronic Registration Systems brought a federal complaint against an Idaho man it says has blown off several cease-and-desist letters for operating under the name of the MERS national database.
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