Law and legal issues

The company accused of raiding competitors' offices across the country recently launched two scathing countersuits.

The class action complaint includes 23 plaintiffs accusing the firms of failing to protect their information, including Social Security numbers, in a cyberattack which lasted 41 days.

Plaintiffs in two similar class action complaints accuse the companies of failing to protect their Social Security numbers and loan information.

The class-action lawsuit was brought on behalf of mortgage borrowers who were allegedly placed into forbearance during the early days of the pandemic without their consent.

A federal judge found last year that a credit reporting dispute did not have to be investigated because the consumer's complaint was frivolous. The Consumer Financial Protection Bureau and the Federal Trade Commission argue that the decision undermines a key purpose of the Fair Credit Reporting Act.

Bank of America is facing off in court with the bond insurer Ambac Financial Group in a $2.7 billion case that's one of its last legal hangovers from the subprime crisis.

The companies are the latest mortgage businesses to face class action complaints from consumers impacted by the cyberattacks.

The lender gave a $1.3 million mortgage refinance loan to a borrower based off overstated, fraudulent debt, prosecutors said.

A contested home valuation was based on the professional's "racist beliefs" and eschewed industry standards with comparisons of properties away from the majority-white neighborhood, according to the lawsuit.

A state court judge will weigh a preliminary injunction to halt the alleged raiding efforts in early September.

The lawsuits claim various loan officers and branch managers diverted loans and other trade secrets to their new employers.

Equifax, the second-biggest global credit bureau, was hit with a proposed class-action lawsuit after a report that it provided inaccurate credit scores on millions of U.S. consumers looking for loans.

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.