GreenPoint Mortgage which is owned by Capitol One is done, another in the long line of mortgage companies imploding. The mortgage industry is suffering one of the worst downfalls in over 30 years. With GreenPoint Mortgage also now closing the doors this would be the fifth big league mortgage company that surrenders in this mortgage collapse.
Countrywide Financial Corp. Class Action Lawsuit On Behalf of Investors. According to the complaint, during the Class Period, defendants made false and misleading statements regarding the changing quality of the Company’s mortgage loan portfolio. As late as April of 2007, the Company stated that credit rating agency Moody’s upgraded the rating of the Company’s banking segment and announced that its home loans segment was also under review for possible upgrade. Then, on June 12, 2007, the Company boasted of its position as the number one mortgage originator in the United States. These reassuring announcements served to conceal the alarming growth of loan delinquencies and the increasing likelihood of impairment charges, with resulting adverse impacts on the quality of the Company’s collateralized debt obligations (CDO’s), earnings and profits. Read the rest of this entry »
Countrywide Financial has had a federal lawsuit filed and are trying to get it turned into a Class Action Lawsuit against Countrywide Financial for violating federal housing discrimination laws by requiring black homeowners to pay higher fees to the network of agents that generate Countrywide’s new customers.
The Countrywide Financial lawsuit was filed US Court in Boston in behalf of African American borrowers.
The lawsuit claims Countrywide and its subprime subsidiary, Full Spectrum Lending Inc., charged black customers more for subprime mortgages than it charged white borrowers in similar financial situations.
According to Full Spectrum Lending Inc website:
Countrywide Home Loans’ Full Spectrum® Lending Division can help you get the money you need fast. Countrywide’s Full Spectrum Lending Division puts the expertise, resources and technology of the nation’s largest independent residential mortgage lender to work for you.
First Magnus Financial stop lending this morning in an abrupt announcement. First Magnus Financial is Tucsons biggest lender and it is unclear what the hell happen for First Magnus Financial to cease lending this way.
First Magnus Financial Class Action Watch, I would keep my eye on First Magnus Financial because a lender does not do this, especially one that has been around for as long First Magnus Financial has been. Read the rest of this entry »
Fieldstone Mortgage Class Action
Rhodes Litigation:
On January 9, 2006, a class action lawsuit was filed naming Fieldstone Mortgage in the Northern District of Illinois (Eastern Division) alleging violations of the Fair Credit Reporting Act (”FCRA”). The class action is entitled Rhodes v. Fieldstone Mortgage Company. Plaintiff alleges that Fieldstone Mortgage violated the firm offer of credit guidelines encapsulated in 15 U.S.C. §1681 et seq. during its mail marketing campaign in or around April 2005. Specifically, Plaintiff alleges that Fieldstone Mortgage did not comply with the statutory guidelines for providing a firm offer of credit to the potential consumer. Pursuant to 15 U.S.C Read the rest of this entry »