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CitiMortgage Inc. has agreed to a $2 million settlement in a class action, a news release said.
A class action was filed in U.S. District Court for the Eastern District of Washington against EMC Mortgage Corp., Keller Rohrback LLP announced.
Last September, Ohio’s attorney general said a motion to dismiss the state’s lawsuit against HomEq Servicing was denied.
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Servicers Fight Lawsuits
Purchases and issuances during February helped lift Freddie Mac’s total mortgage portfolio $159 million from January.
The rise followed 11 consecutive months of declines.
Residential delinquency of at least three months was down for the thrid consecutive month at the secondary lender.
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Freddie’s Portfolio Expands, Delinquency Declines
Hot issues in foreclosure litigation include standing, Mortgage Electronic Registration Systems Inc. and the Servicemembers Civil Relief Act.
A high volume of foreclosure-related cases has been keeping appeals courts busy.
Attorneys for borrowers have been using some unusual tactics.
Originally posted here:
Varied Strategies Used in Foreclosures Litigation
A Los Angeles Superior Court jury awarded more than $3 million to minority borrowers in a class action against Wells Fargo Bank, N.A.
he plaintiffs claim that software used by the bank blocked loan originators in minority neighborhoods from offering the same pricing discounts that were offered by originators in non-minority neighborhoods.
But the bank, which is considering its options at this point, says the software program identified in the case does not impact borrower pricing.
Read more from the original source:
Verdict Focuses on Commission Software
After filing a lawsuit last month in state court, a Texas borrower re-filed the complaint in federal court this month against BAC Home Loan Servicing.
The borrower claims BAC committed fraud and trespassed on her homestead title when it wrongfully foreclosed on her house.
BAC is also accused of selling the real-estate-owned asset to Fannie Mae without the legal right to do so.
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Borrower Challenges REO Title, HAMP Compliance
The first three months of 2011 will bring $266 billion in residential originations, Fannie Mae predicted in its latest housing forecast.
That’s about the same as the $269 billion predicted last month but a big decline from $474 billion originated in the fourth-quarter 2010.
Fannie expects originations to stay at about that level in the second and third quarters.
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2013 Originations to be a Third Higher than 2011
A federal jury in Georgia awarded a U.S. Army sergeant $20 million in his lawsuit against PHH Mortgage Corp.
The company is accused of reporting the borrower as delinquent to the credit bureaus even though he had an automatic deduction, made several attempts to rectify the situation directly with the servicer and was promised it would be fixed.
Violations of the Real Estate Settlement Procedures Act are alleged.
Read more here:
$20 Million Verdict Against PHH
Three surviving spouses of reverse-mortgage borrowers have filed a lawsuit against the Department of Housing and Urban Development.
The case was filed by the American Association of Retired Persons.
The suit argues that new rules on reverse mortgages are forcing elderly people out of their homes following the death of their spouse.
Here is the original post:
Lawsuit Challenges Revised HECM Policies
The Mortgage Litigation Index was up 42 percent betwen the thrid- and fourth-quarter 2010. The report indicates that 151 mortgage-related lawsuits had case activity reported between Oct. 1 and Dec. 31 by Mortgage Daily.
Activity leapt from just 106 three months earlier according to the index.
Servicing litigation surged to 26 cases from five in the third quarter.
Read the original post:
Mortgage Servicers Pummeled with Litigation
Christian Hayes has agreed to pay restitution, Massachusetts Attorney General Martha Coakley’s office said.
The settlement resolve allegations brought in a civil complaint by the state.
Hayes was a former Bank of America loan originator who also owned and operated a loan modification company — pretending to be an attorney for the lender and using his position at the bank to steer business his way.
More here:
Former BofA LO Agrees to Settlement