Author Archives: Isaac Gradman
Connecticut the Latest to File Suit Against Countrywide
CNN reports that Connecticut Attorney General Richard Blumenthal has filed suit in Hartford Superior Court today against Countrywide, becoming the fourth state (after California, Florida, and Illinois) to sue what was once the nation’s largest mortgage originator over its lending … Continue reading
Major Ruling on Borrower Class Actions on the Way
The Washington Post published this article today about the Seventh Circuit Court of Appeals’ impending decision on whether homeowners can bring class action lawsuits against lenders to cancel predatory, misleading, or defective loans. The case was brought by a Wisconsin … Continue reading
SEC Requests Subprime Mortgage Docs from National City
From a story published in the Louisville Courier-Journal: “The Securities and Exchange Commission (SEC) has requested documents from National City Corp. relating to the sale of its former subprime mortgage unit and other matters as part of an informal probe, … Continue reading
FDIC places Indymac Bancorp in Conservatorship
Southern California’s IndyMac, one of the nation’s largest mortgage lenders, is the fifth bank to be taken over by the Federal Deposit Insurance Corporation (FDIC) this year. Overall, the banking system appears to be in less danger now than it … Continue reading
