Law and legal issues

The non-qualified mortgage company allegedly failed to follow through on approximately $38 million it contractually agreed to buy.

Even though Reverse Mortgage Services violated the Truth in Lending Act by not providing the required disclosures, the borrower cannot get a windfall by keeping the loan proceeds, the Fourth Circuit ruled.

Discrimination claims and data breaches are just some of the issues the industry has faced this year.

The complaint is the most recent in a spate of litigation this year over talent and theft of trade secrets.

The lawsuits have heated up since April with the inclusion of a high-profile lawyer and plaintiffs, a public war of words and scrutiny from city and federal lawmakers.

The mortgage giant said departing employees accounted for approximately 81% of the volume achieved by its New York operations in the past year.

At least 300 workers were told they were terminated in a videoconference last week that ended abruptly and they were not given information about severance, according to the lawsuit.

The court found the sale of a property held by a limited liability company violated bankruptcy-related restrictions because a resident with a Chapter 7 petition was involved.

The declaration comes less than a week after the firm laid off 471 workers, or over 75% of its staff, because of significant operating losses and cash flow challenges.

Talks between original holders and a law firm over potential securities fraud litigation did not pan out, and trustee UMB NA has canceled all the bonds.