Livinglies's Weblog

Tsunami of Subprime Litigation
More than 400 subprime-related lawsuits have been filed since last year, and half of this year’s activity is concentrated in two states, according to a new report — which referred to the current level of litigation as a “tsunami.”

There were 170 subprime-related lawsuits filed in federal courts during the first quarter, Navigant Consulting Inc. reported Wednesday.

Compared to the previous “busiest quarter,” first-quarter cases were 85 percent higher, the report indicated.
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Mortgage Leads Litigation
LendingTree filed a fraud lawsuit against several individuals and companies over stolen lead data.

Merrill Disputes FF Repurchase Losses
National City Bank has been hit with an indemnification notice from Merrill Lynch.

Q1 2008 Mortgage Litigation Report
First quarter mortgage litigation was concentrated in foreclosures, investors and secondary marketing this year — though bankruptcy and servicing lawsuits grew. Mortgage fraud civil actions eased.

Former Fannie Execs Settle for $31 Million
Former senior executives of Fannie Mae will pay more than $30 million to settle charges that they manipulated financial reports to boost their bonuses.

Fla. Firm Bankrupt
Millions of dollars in litigation have apparently driven a Florida-based lender into bankruptcy liquidation.

More Judges Hold Up Ohio Foreclosures
Ohio judges are putting the brakes on foreclosure actions. Foreclosures in two counties have been placed on hold as judges have issued stays until counterclaims and third party complaints alleging predatory lending and violations of RESPA and various state laws are resolved.

Subprime Lawsuits Spread Beyond Lenders
A new report indicates companies with no direct ties to subprime lending are facing a growing number of lawsuits.

Judge Rules Against Countrywide on BK Examination
Countrywide Home Loans Inc. failed in its efforts to block an examination by the U.S. Trustee to determine whether the company inflated expenses and other costs in bankruptcy claims.

$2.2 Million Judgment Against Chase
Chase Manhattan Mortgage Corp. has lost a lawsuit filed by a former employee who claimed he was terminated because of his medical condition.