Loandepot pushed back against a lawsuit accusing it of violating the loan officer compensation rule, alleging the court case is full of threadbare allegations. Five borrowers sued the lender in July, claiming they were steered to higher rates via a long-running scheme in which loan officers who did not participate faced punishment. The megalender this […]
Loandepot slams accusations of steering borrowers Read More »
Consumers who sued Mr. Cooper over $25 “junk fees” are taking their fight to a federal appeals court. Borrowers Catherine Palazzo and Peter Hackinen elevated their failed class action case to the 9th U.S. Circuit Court of Appeals last week, according to federal court records. The plaintiffs sued the megaservicer over its fee for expedited
Borrowers appeal loss in Mr. Cooper servicing fee fight Read More »
Dueling cases involving Cornerstone Capital Bank and a former executive have been dismissed prior to trial, with both sides claiming victory. Each party has a different interpretation of what happened in the legal matter involving former Cornerstone Home Lending executive Manuel Valdes. A former independent mortgage banker, Cornerstone acquired a Texas state chartered bank in
Cornerstone, former executive dismiss mutual lawsuits Read More »
Kent Nishimura/Bloomberg Key insight: The Trump administration is asking the highest court in the nation to remove barriers from ousting Federal Reserve Gov. Lisa Cook before litigation proceeds. Expert quote: “This court should stay the district court’s deeply flawed preliminary injunction and should grant an immediate administrative stay,” — U.S. Solicitor General John Sauer. What’s
Trump asks Supreme Court to remove Fed Gov. Cook Read More »
A federal judge in Colorado ruled against a motion to dismiss from Rocket and Solidifi over allegations of appraisal bias that the U.S. government has pursued. The homeowner involved, Francesca Cheroutes, is part of the complaint as an intervening plaintiff. The motions sought to dismiss the allegations raised by both the government and Cheroutes. The
Judge rejects Rocket’s motion to dismiss discrimination suit Read More »
The American Land Title Association has filed an amicus brief in support of Fidelity National Financial, which is suing the Treasury Department and the Financial Crimes Enforcement Network, looking to stop an anti-money laundering regulation reporting requirement. The Biden Administration promulgated the rule, which is set to go into effect on Dec. 1. FNF sued
ALTA files brief in support of Fidelity in Fincen case Read More »
Al Drago/Bloomberg Federal Reserve Gov. Lisa Cook’s attorneys filed additional briefs in her case against President Trump over his moves to oust her from her seat on the Fed board, and the judge overseeing the case has scheduled final briefs to be due Sept. 4. Cook’s attorney, Abbe Lowell, founder of Lowell & Associates, asked
Key filings in Fed independence suit due Thursday Read More »
Federal Reserve Governor Lisa Cook’s lawyers blasted President Donald Trump’s move to oust her as based on nothing more than a pack of “cut-and-paste” allegations related to mortgage fraud. In a flurry of court filings Tuesday, Cook’s lawyers emphasized arguments that Trump lacked valid grounds to fire Cook “for cause,” a key issue in her
Lisa Cook blasts Trump’s ‘cut-and-paste’ mortgage fraud claims Read More »
Freddie Mac and its former executives won’t go to trial in a decades-old lawsuit stemming from the Great Financial Crisis, following a federal judge’s latest order. U.S. District Judge Benita Y. Pearson last Friday granted Freddie and its former officers summary judgment in a case brought by the Ohio Public Employees Retirement System (OPERS). The
Freddie Mac, ex-execs win in 2008 fraud suit Read More »
Change Lending is seeking over $1 million in damages from a mortgage banker it says violated a servicing purchase agreement. The plaintiff firm, a large player in a government-sponsored lending program, is suing Village Capital & Investment over transactions involving government-backed loans. Village allegedly owes Change a combined $1.3 million in part for failing to
Change Co. sues servicer over multiple nonpayments Read More »