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Lawsuits

Chicago Lawyer Seeking Class Actions over HELOCs Against Wells Fargo, Chase, Others

Tuesday, September 15th, 2009

By: Darrell Delamaide
Wells Fargo, JPMorgan Chase, and other major banks are fraudulently closing down home equity lines of credit (HELOCs) just when consumers need them the most, Chicago attorney Jay Edelson is alleging on behalf of a number of clients in lawsuits that seek class action status.
Edelson has embarked on a crusade against the banks [...]

Countrywide Exec Charged with Fraud and Insider Trading

Wednesday, June 10th, 2009

The former CEO from Countrywide has been charged with fraud and insider trading by the SEC. Angelo Mozilo, together with two former executives, is alleged to have deliberately mislead investors about the significant credit risks involved in building the company’s market share. In emails seized by the SEC, Mozilo called subprime loans “toxic” and “dangerous”. [...]

Press Release : Wells Fargo Appraisers

Thursday, June 4th, 2009

Class Action Says Wells Fargo, Rels Illegally Strong-arm Appraisers
April 14, 2009
SEATTLE – Today two real-estate appraisers filed a proposed class-action lawsuit against Wells Fargo (NYSE: WFC) and Rels Valuation, an appraisal management service, claiming the two organizations pressured and intimidated appraisers to deliver artificially inflated home appraisal values to help close loans and increase profits.
The [...]

SEC Probes WaMu on Appraisals

Sunday, December 23rd, 2007

Regulator Checks Handling
Of Loans Possibly Based
On Inflated Valuations
Article from WSJ.com
By AMIR EFRATI
December 21, 2007; Page A2
The Securities and Exchange Commission is investigating how retail bank Washington Mutual Inc. handled and reported on mortgage loans that may have been based on inflated home appraisals.
The SEC’s inquiry is in its infancy and involves several possible issues, [...]

Law firms investigate First American

Thursday, December 6th, 2007

Two weeks ago, The First American Corp. was sued in New York for allegedly colluding with Washington Mutual to inflate appraisals. Now, four law firms are investigating the company for potential violations of the Employee Retirement Income Security Act of 1974 (ERISA).The investigation focuses on investments in First American stock by the First American Corp. [...]