Philip R. Stein

Philip R. Stein

Bilzin Sumberg Baena Price & Axelrod LLP

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Fraud Verdict Against Countrywide & BofA Upheld

BofA’s “hustling” attempt to overturn a $1.27 billion judgment against it and Countrywide—along with the individual defendant identified in the next paragraph, the “Defendants”—in the U.S. District Court for the Southern...more

2/24/2015 - Bank of America Countrywide DOJ Fannie Mae Fraud Freddie Mac Mortgage Loan Originators Mortgages

Aurora Resolves Mortgage Modification Class-Action Lawsuit for $5.3 Million

A former goliath of the non-prime lending market, Aurora Loan Services, LLC (“ALS”), recently resolved a class-action lawsuit alleging that it fraudulently induced distressed California borrowers to enter into purported...more

5/29/2014 - Aurora Banks Class Action Fraud Fraudulent Inducement Loan Modifications Mortgages

Justice Department Keeps its Distance From Szymoniak Mortgage Fraud Lawsuit

As detailed in an August 2013 Salon article by David Dayen and a September 2013 Bloomberg Businessweek article by Karen Weise, West Palm Beach, Florida homeowner and attorney Lynn Szymoniak helped blow the whistle on...more

4/30/2014 - DOJ Fraud Mortgages

BofA’s Countrywide Found Responsible For Defrauding Fannie Mae & Freddie Mac

A federal jury ruled yesterday that Countrywide, now owned by Bank of America, defrauded Fannie Mae and Freddie Mac by selling them defective mortgages in advance of the great financial crisis of 2008. A former Countrywide...more

10/25/2013 - Bank of America Compliance DOJ Fannie Mae Fraud Freddie Mac Mortgages SEC Subprime Mortgages

Bank of America Fraud Case Headed to Trial

An order yesterday by U.S. District Judge Jed Rakoff in New York clears the way for a trial on September 23 in a government lawsuit accusing Bank of America Corp. of fraud in the sale of billions of dollars of toxic mortgage...more

8/28/2013 - Bad Debt Bank of America Fannie Mae Fraud Freddie Mac Mortgages Trials

DOJ and SEC File Suits Against Bank of America

Stop me if you have heard something like this before. The Department of Justice announced a civil lawsuit on Tuesday alleging that Bank of America defrauded buyers of mortgage-backed securities by lying about the quality of...more

8/8/2013 - Bank of America DOJ FHFA Fraud Home Equity Mortgage-Backed Securities Mortgages SEC

DOJ Lawsuit Against S&P and McGraw Hill

Last week, the Department of Justice (DOJ) filed a civil suit in the Central District of California against Standard & Poor’s Financial Services (S&P) and its parent company McGraw-Hill. The suit alleges that S&P engaged in a...more

2/14/2013 - Collateralized Debt Obligations DOJ Fraud Investment Schemes McGraw Hill RMBS S&P

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