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class action lawsuit

Class Action Suit Against Saxon Alleges Illegal Use of HAMP

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A class action lawsuit has been filed against Saxon Mortgage Inc., the Morgan Stanley mortgage servicer division, claiming that the company uses the Homeowners Affordable Modification Program (HAMP) to lure customers into making “trial” payments on loans it has no intention of ever permanently modifying. The suit, titled Gaudin v. Saxon Mortgage Services Inc., was filed in the Northern District of California Federal Court by Peter Fredman of the Law Office of Peter Fredman and Daniel Mulligan of Jenkins Mulligan & Gabriel LLP.Click to continue

Class Action Suit Filed Against Bank of America Over Foreclosure Activities

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Robbins Geller Rudman & Dowd LLP has announced that a class action lawsuit has been filed on behalf of an institutional investor in the U.S. District Court for the Southern District of New York against Bank of America Corporation (BofA) alleging that defendants issued materially false and misleading statements regarding the company’s business.Click to continue

Class Action Complaint Filed Against EMC Mortgage and Bear Stearns for Loan Mod Breach

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Keller Rohrback LLP has announced that a class action has been filed in the United States District Court for the Eastern District of Washington on behalf of all mortgagors in the State of Washington whose home mortgage loans are serviced by EMC Mortgage Corporation and who (a) have attempted to obtain loan modifications of their loan terms from EMC; and (b) have made payments pursuant to a "Repayment Agreement," a Home Affordable Modification Program (HAMP) trial modification plan, or any other temporary modification plan.Click to continue

Wells Fargo Servicing Division Sued Over Deceptive Loan Mod Practices

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The law firm of Harwood Feffer LLP has announced that it has filed a class action lawsuit against Wells Fargo Bank NA and its loan servicing division, America's Servicing Company (ASC), for fraudulent and deceptive practices related to loan modifications. The suit, filed in the United States District Court for the Northern District of California, Forster, et al. v. Wells Fargo, et al., Index.Click to continue

Class Action Suit Filed Against Banks in Foreclosure Proceedings

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The Ferraro Law Firm, Daniels Kashtan and The Burton Firm have filed a class action lawsuit against BAC Home Loans Servicing LP, a subsidiary of Bank of America Corporation, and successor in interest to Countrywide Home Loans Servicing LP, Deutsche Bank National Trust Company, and U.S. Bank on behalf of all those property owners who lost title to their property in foreclosure proceedings based on false and perjurious affidavits filed by the banks and their servicing companies. They seek to restore title to the property owners.Click to continue

Nationwide class action suit filed seeking OT pay for JP Morgan Chase underwriters

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Attorney Kelly M. Dermody of Lieff Cabraser Heimann & Bernstein LLP has announced the filing of a class action lawsuit charging that JP Morgan Chase & Company (Chase) had a common practice of misclassifying its loan underwriters as exempt and failing to pay them for all overtime hours worked in violation of federal overtime pay laws. Chase employs approximately 500-1,000 underwriters nationwide.Click to continue

Suit filed on behalf of LOs cheated out of overtime

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Nichols Kaster PLLP has filed a putative nationwide class action lawsuit on behalf of loan officers who worked for Guardian First Funding Group LLC. The lawsuit was filed in the U.S. District Court for the Southern District of New York. In their complaint, the employees assert that Guardian First Funding Group LLC violated the federal Fair Labor Standards Act and New York Labor Laws by misclassifying its loan officers as exempt from overtime pay and minimum wages.Click to continue

Countrywide loses federal appeal in alleged mortgage insurance kickback scheme

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The U.S. Court of Appeals for the Third Circuit has green lighted a proposed class action brought by homebuyers against mortgage lender Countrywide Financial Corporation and its affiliated reinsurer, Balboa Reinsurance Company. The ruling by a three-judge panel in Philadelphia reverses an Eastern District of Pennsylvania order that had granted Countrywide’s motion to dismiss.Click to continue

New class action suit accuses Wells Fargo of home loan fraud

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A new class action filed on behalf of a single mother challenges Wells Fargo Bank’s mass suspension of Home Equity Line of Credit (HELOC) accounts and credit limit reductions. According to the lawsuit, which comes on the heels of another class action filed recently in Illinois, claims Wells Fargo fraudulently froze millions of dollars in home loans by falsely claiming that its customers’ finances had materially changed. The suit further alleges that Wells Fargo suspended accounts based on disputed “derogatory” items on its borrower’s credit reports inClick to continue