Read Civil Remedies updates, alerts, news, and legal analysis from leading lawyers and law firms:
Two-Pronged Approach to Defending Lawsuits – Interview with Dominic Picca, Member, Mintz Levin
Class Action Litigation Reform – Interview with Dan Pascucci, Member, Mintz Levin
Arbitration - An Alternative to Litigation for Dispute Resolution
Elmo Sex Scandal: More Accusers May Come Forward, Says Lawyer
Newtown Shootings Could Give Rise to More Litigation, Says Pinsky
Whalen: Go Back To The Future To Fight Fraud With Equity Receivers
On October 17, the Nevada Attorney General filed court documents disclosing a $11.5 million settlement with DB Structured Products, Inc., a unit of Deutsche Bank AG. The Nevada AG had investigated DB Structured Products’...more
Tomorrow morning in Chicago, the Illinois Supreme Court will hear oral argument in a high-profile appeal from the Second District, Spanish Court Two Condominium Association v. Carlson. ...more
CLASS ACTION COMPLAINT FOR BREACH OF CONTRACT, BREACH OF IMPLIED COVENANT OF GOOD FAITH AND FAIR DEALING, VIOLATION OF THE UNFAIR COMPETITION LAW, AND PROMISSORY ESTOPPEL.
THE 9TH CIRCUIT COURT OF APPEALS REVERSED THE...more
Wells Fargo Mortgage Modification Lawsuits Revived by Court
In a separate action involving Wells Fargo, a U.S. Court of Appeals held that the bank must face lawsuits by home loan borrowers for refusing to offer them...more
In a case that may have far-reaching consequences, a lawsuit was filed in federal court in Colorado accusing Bank of America of racketeering (RICO).
It was a game to the bank. They intentionally lured people into what they...more
A trial judge has ordered the lender to execute a permanent modification based upon the borrowers total compliance with the provisions of the trial modification.
Wells Fargo (Wachovia) was given the terms of the...more
We have, in the recent past, blogged about the Boily case. In this Ottawa case, a board of directors was found to be in contempt of court and was ordered to personally pay in excess of $96,000 in legal costs. ...more
Deloitte LLP’s financial advisory services unit agreed to pay $10 million and accept a one-year ban from consulting for New York-regulated banks to settle regulators’ allegations the firm mishandled its anti-money-laundering...more
Bank of America’s mortgage servicing unit systematically lied to homeowners, fraudulently denied loan modifications, and paid their staff bonuses for deliberately pushing people into foreclosure: These allegations were...more
Defendants allegedly adopted a uniform practice designed to maximize fees assessed on delinquent borrowers’ accounts.
As part of the scheme, Defendants “formed an enterprise with their respective subsidiaries, affiliates,...more
SIX FORMER BOA EMPLOYEES TESTIFY THAT BOA MODIFICATION AND FORECLOSURE SPECIALISTS WERE PAID AND INSTRUCTED TO LIE TO HOMEOWNERS, PAID WITH GIFT CARDS IF THEY SUCCESSFULLY THREW THE HOMEOWNER INTO FORECLOSURE AND WERE...more
Attached is an affidavit of a senior loan collector for BOA that was filed in United States District Court for the District of Massachusetts under case number MDL 2193.
Simone Gordan stated the following under oath:
Attorney General Eric T. Schneiderman filed a lawsuit against HSBC Bank USA and HSBC Mortgage Corporation (USA) for failing to follow state law related to foreclosure actions, putting homeowners at greater risk of losing...more
In a previous blog, we reported on a case, Harvey v. Elgin Condominium Corporation No. 3, where an unhappy unit owner sued the Corporation for various alleged infractions relating to the replacement of existing wooden decks,...more
The Seventh Circuit recently ruled that under the False Claims Act (“FCA”) treble damages should be calculated by the net amount of loss suffered by the government (after appropriate setoffs or credits are deducted) rather...more
Policyholders in New York and New Jersey presently have no private right of action against insurance companies for alleged violations of each state’s respective statutory claim handling guidelines – New York’s Unfair Claim...more
This OCC Mortgage Metrics Report for the fourth quarter of 2012 provides performance data on first-lien residential mortgages serviced by selected national and federal savings banks. The mortgages in this portfolio comprise...more
On March 14, Freddie Mac sued 15 banks and the British Bankers’ Association (BBA), claiming that the institutions manipulated the London Interbank Offered Rate (LIBOR) and caused substantial losses to Freddie Mac on...more
On March 7, KIRP, LLC sued Texas-based mortgage servicer Nationstar Mortgage LLC in the Supreme Court of the State of New York in connection with Nationstar’s alleged improper conduct in servicing mortgage loans that are...more
HUD HANDBOOK EXCERPTS
HUD Handbook 4000.4 REV-1
CHAPTER 2. MORTGAGEE APPROVAL
HUD Handbook 4000.4, Appendix 3.
HUD Handbook 4060.1 Rev-1
Through its motion to dismiss, Wells Fargo seeks to paint itself as a victim. In the bank’s version, Wells Fargo is HUD’s partner, a benevolent provider of mortgage loans that is now being unfairly blamed for loan defaults...more
On January 24, Impac Funding Corp. settled a lawsuit brought by Citigroup Global Markets Inc. alleging violations of Sections 18 and 20 of the Securities Exchange Act and negligent misrepresentation based on alleged...more
Recently, the Pennsylvania Superior Court held that sellers of residential real estate are under no duty, pursuant to the Real Estate Seller Disclosure Law, 68 Pa.C.S. §7101 et seq. (“RSDL”), to disclose prior to a sale that...more
We have long been skeptical of most loan “repurchase” or “indemnification” demands made by big banks against the third-party originators (i.e., correspondent lenders) who sold those loans to the big banks many years ago....more
On December 7, the FDIC, as receiver of a failed bank, obtained a jury verdict in its favor in the U.S. District Court for the Central District of California against a group of former bank officers. FDIC v. Van Dellen, No....more