Lenders Increasingly Facing Forensic Loan Audits
For the past couple of years, it has become a fairly common practice for lenders and servicers to employ forensic loan audits on pools of mortgages, with the goal of uncovering patterns of noncompliance with federal and local regulations, the presence of fraud and/or the testing of high fee violations. Unfortunately, for these same lenders, [...]
Read Full Post | Make a Comment ( None so far )Deutsche Bank v. Debra Abbate Etal.
Deutsche Bank National Trust Company, AS TRUSTEE FOR THE CERTIFICATE HOLDERS OF CARRINGTON MORTGAGE LOAN TRUST 2005-OPT2, ASSET-BACKED CERTIFICATES, SERIES 2005-OPT2, Plaintiff against Debra Abbate, CARMELA ABBATE, KIM FIORENTINO, BOCCE COURT HOMEOWNERS ASSOCIATION, INC., NEW YORK CITY ENVIRONMENTAL CONTROL BOARD, NEW YORK CITY TRANSIT ADJUDICATION BUREAU, NEW YORK CITY PARKING VIOLATIONS BUREAU, and “JOHN DOE [...]
Read Full Post | Make a Comment ( None so far )Ruling by judges rattles mortgage industry
A bankruptcy judge here, joining judges across the country, is throwing a bit of sand in the gears of the mortgage machine and its ruthless foreclosure blade. She has raised this issue: In many home foreclosures springing out of bankruptcy proceedings, the foreclosure is being triggered by a representative of the lender — a surrogate [...]
Read Full Post | Make a Comment ( None so far )States gain more power over banks
Reporting from Washington — The Supreme Court ruled Monday that states could enforce some of their consumer protection laws against national banks, a move that could lead to tougher oversight than federal regulators have provided in recent years. The 5-4 decision in a case involving attempts by New York’s attorney general to enforce fair-lending laws [...]
Read Full Post | Make a Comment ( 2 so far )Melfi v. WMC Mortg. Corp
APPEAL FROM THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF RHODE ISLAND. Hon. Mary M. Lisi, U.S. District Judge. Melfi v. WMC Mortg. Corp., 2009 U.S. Dist. LEXIS 1454 (D.R.I., Jan. 9, 2009) DISPOSITION: Affirmed. COUNSEL: Christopher M. Lefebvre with whom Claude F. Lefebvre and Christopher M. Lefebvre, P.C. were on brief for appellant. [...]
Read Full Post | Make a Comment ( None so far )AIG unit sues Countrywide over loan losses
LOS ANGELES (AP) — A unit of embattled insurer American International Group Inc. filed suit against mortgage lender Countrywide Financial Corp. in California federal court Thursday, alleging Countrywide misrepresented the health of loans that the company insured, resulting in massive losses. United Guaranty Mortgage Indemnity Co. filed suit in U.S. District Court, accusing Countrywide of [...]
Read Full Post | Make a Comment ( None so far )Boulware v. Crossland Mortgage Corp. (RESPA §8)
TYNA L. BOULWARE, on behalf of herself and all others similarly situated, Plaintiff-Appellant, v.No. 01-2318 CROSSLAND MORTGAGE CORPORATION, Defendant-Appellee, UNITED STATES OF AMERICA, Amicus Curiae. ————————————————* Appeal from the United States District Court for the District of Maryland, at Greenbelt. Frederic N. Smalkin, Chief District Judge. (CA-01-2114-S) Argued: April 4, 2002 Decided: May 22, 2002 [...]
Read Full Post | Make a Comment ( None so far )Darling v. Indymac Bank (TILA Audit)
Darling v. Indymac Bank, F.S.B., No. 06-123-B-W (D.Me. 12/03/2007) [1] UNITED STATES DISTRICT COURT DISTRICT OF MAINE [2] Civ. No. 06-123-B-W [3] 2007.DME.0000264 [4] December 3, 2007 [5] JOSEPH AND ROXANNE DARLING, PLAINTIFFS, v. INDYMAC BANK, F.S.B., AND WESTERN THRIFT & LOAN, DEFENDANTS. [6] The opinion of the court was delivered by: Margaret J. Kravchuk [...]
Read Full Post | Make a Comment ( None so far )Smith v. Encore Credit Corp. (TILA/HOEPA/RESPA)
Smith v. Encore Credit Corp., No. 4:08 CV 1462 (N.D.Ohio 12/09/2008) [1] UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF OHIO EASTERN DIVISION [2] Case No. 4:08 CV 1462 [3] 2008.NOH.0001120 [4] December 9, 2008 [5] RONALD J. SMITH, ET AL., PLAINTIFFS, v. ENCORE CREDIT CORP., ET AL., DEFENDANTS. [6] The opinion of the court was [...]
Read Full Post | Make a Comment ( 1 so far )Sterten v. Option One Mortgage Corp.
A provision in the Truth in Lending Act that excuses minor inaccuracies on the part of lenders is not an “affirmative defense” that must be specifically raised by the defendant, but instead is a “general defense” that cannot be waived, the 3rd U.S. Circuit Court of Appeals has ruled. The ruling in Sterten v. Option [...]
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