Recent Lawsuits Against Banks Could Signify an Increase in Litigation Pertaining to Mortgage Loans

January 23, 2014 at 9:23 pm Leave a comment

Residential Funding Company, LLC (RFC), a longtime aggregator of residential mortgage loans and issuer of mortgage-backed securities, has recently filed a series of lawsuits against banks and other financial institutions from whom RFC purchased mortgage loans. The lawsuits, which already number in the dozens, have been filed in federal court in Minnesota and assert that the defendants violated their agreements with RFC by selling loans that were not properly originated or underwritten. RFC contends that it is entitled to have these loans repurchased or, where that is not possible, to recover contractual damages sufficient to make it whole.

Stinson Leonard Street LLP is defending banks and other financial institutions in several of these cases and expects to see a marked increase in litigation involving these types of claims in the foreseeable future. Financial institutions currently facing these lawsuits should seek the assistance of counsel with the experience and expertise necessary to defend these types of claims.

CONTACT US
If you have questions about the lawsuits or defense strategies, please contact the individuals listed below or your usual Stinson Leonard Street LLP attorney.

Todd Noteboom
612.335.1894
todd.noteboom@stinsonleonard.com

Adam Maier
612.335.1412
adam.maier@stinsonleonard.com

Entry filed under: Uncategorized. Tags: .

Safe Harbor for Investments in Partnerships Claiming Historic Rehabilitation Credits: IRS Releases Revenue Procedure 2014-12 Stinson Leonard Street’s Banking and Financial Services practice group is pleased to announce that we are officially open for business!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Trackback this post  |  Subscribe to the comments via RSS Feed


Produced & Maintained By

Stinson Leonard Street Logo

Categories

a legal resource for the banking & financial services industry

Follow me on Twitter


Follow

Get every new post delivered to your Inbox.

%d bloggers like this: