How crappy U.S. mortgages hurt Ireland and Germany

JPMorgan Chase & Co and Bank of America Corp were hit with new lawsuits by investors claiming losses on $4.5 billion of soured mortgage debt, adding to litigation targeting the two largest U.S. banks. The plaintiff Sealink Funding Ltd said it lost money after buying nearly $2.4 billion of residential mortgage-backed securities (RMBS) from JPMorgan …

Class Action Lawsuit against Saxon Mortgage Services

PHILADELPHIA, Sep 14, 2011 (BUSINESS WIRE) — The law firm of Berger & Montague, P.C. has filed a class action complaint in the United States District Court for the Eastern District of Michigan on behalf of all Michigan homeowners whose mortgage loans have been serviced by Saxon Mortgage Services, Inc. and/or Ocwen Loan Servicing, LLC …

List of lawsuits against major banks

The regulator overseeing Fannie Mae and Freddie Mac today sued many of the country‚Äôs biggest banks, claiming the government-owned entities were duped into buying tens of billions of dollars in mortgage securities that went south. In a news release, the FHFA detailed the banks it is suing. And its filings also detail the amount of …

RBS and HSBC package bad loans, sued in US

Documents released by the US Federal Housing Finance Agency (FHFA) claim that Royal Bank of Scotland (RBS) and HSBC retained the services of Clayton Holdings, a risk analysis specialist, to scrutinize loans before they were placed in bundles of mortgage-backed securities. According to the filings, reports from Clayton show that 18 percent of the mortgage …

Saxon Mortgage sued over improper HAMP

A class action lawsuit has been filed in Federal Court in New York against Saxon Mortgage Services Inc., the Morgan Stanley mortgage servicer division, for failing to fulfill its obligations under the federally-sponsored Home Affordable Modification Program (HAMP) to homeowners in financial distress. The lawsuit is brought on behalf of plaintiffs Ranujoy and Deborah Pandit …