Lawsuits

A Guide to Subprime or ‘How to ruin your country’s economy too’

Written by Leatherneck on August 21, 2007 under Archives, Definitions, Economic Impact, International, Lawsuits, Mortgage Fraud, Root Causes

Economists in any country in the world – except the United States – should study the “interest only” loan. It is imperative so your economy doesn’t get hurt in the future. Just consider the United States as a training ground. We all saw the ripple effect around the world. If your country’s stock market lost $80 million in one day, or if your country’s central bank pumped billions of dollars into your economy, your economists should study the interest-only scam so you can prevent it.

Household International and Ameriquest Pushed Too Far

Written by Leatherneck on August 20, 2007 under Archives, Lawsuits

The following are allegations that resulted in Household International to paying the largest predatory lending settlement in the United States. Some say the Ameriquest predatory lending settlement was modeled after the Hosuehold International settlement, although others deny that parallel.

Radian Gets Sued, Tied to MGIC

Written by Leatherneck on August 18, 2007 under Archives, Lawsuits

Radian Group Inc., one of the nation’s largest mortgage insurers, is singing the mortgage blues. Few people realize they are also tied to mortgage insurance and debt collection. This week, however, at least four securities lawsuits were filed against the company in U.S. District Court in Philadelphia.

Dow drops 100 points in first 2 minutes Thursday

Written by Leatherneck on August 16, 2007 under Archives, Economic Impact, Lawsuits

As we watched the Dow Jones opening bell on Bloomberg TV we also watched the Dow drop 100 points in the first two minutes of trading. Declines reflect little confidence in the debt markets. The Fed put more cash in to the system with $5 billion added overnight, but the move was overshadowed by one analyst who used the words “bankruptcy” and “Countrywide” in a recent report.

Suits over unfunded loans have legal precedent

Written by Leatherneck on August 10, 2007 under Archives, Lawsuits, Lenders

In 2004 a jury told Ameriquest Mortgage Co. to pay more than $1.5 million to an Arizona couple who lost their home to foreclosure by another lender because, they claim, Ameriquest didn’t fund a loan that was already closed. The borrower forgot to disclose outstanding judgments and unpaid child support on his application which were subsequently uncovered. The jury said discovery Ameriquest’s responsibility.

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