Despite the increased attention directed at mortgage fraud since the collapse of the subprime market, fraud continues to be a major issue in newly-originated loans, reports the Mortgage Asset Research Institute (MARI). The study showed a 42% increase in in … Continue reading
Indiana Attorney General Steve Carter has brought a lawsuit against Countrywide Financial Corp., making it the latest of a half dozen states going after the nation’s former number one mortgage lender for improper lending practices (see Reuters article here). This … Continue reading
The Chicago Times reports that Countrywide has been sued on behalf of New Mexico’s state Investment Council, the Educational Retirement Board and the Public Employees Retirement Association for both conning homeowners into mortgages they could not afford and duping investors … Continue reading
Rachel Dollar of the Mortgage Fraud Blog has posted the Complaint filed by Connecticut Attorney General Richard Blumenthal. You can view the document here. Many thanks to Ms. Dollar for her diligence in following these developments in subprime litigation.
CNN reports that Connecticut Attorney General Richard Blumenthal has filed suit in Hartford Superior Court today against Countrywide, becoming the fourth state (after California, Florida, and Illinois) to sue what was once the nation’s largest mortgage originator over its lending … Continue reading
The Washington Post published this article today about the Seventh Circuit Court of Appeals’ impending decision on whether homeowners can bring class action lawsuits against lenders to cancel predatory, misleading, or defective loans. The case was brought by a Wisconsin … Continue reading
From a story published in the Louisville Courier-Journal: “The Securities and Exchange Commission (SEC) has requested documents from National City Corp. relating to the sale of its former subprime mortgage unit and other matters as part of an informal probe, … Continue reading
