Santa Cruz, Calif. (PRWEB) October ten, 2012
While the aftermath of the sub-prime mortgage crisis has seen a quantity of massive U.S. banks defending themselves against charges of misconduct, new information reported by LawyersandSettlements.com indicates consumers are still getting impacted by the crisis. Mortgage-associated complaints submitted to the legal news site have continued to improve year-more than-year as readers continue to seek out legal aid in dealing with foreclosures and discriminatory lending practices.

LawyersandSettlements.com has reported a 70 % jump in mortgage complaints from January through June 2012 compared with the identical period a year ago. In addition, mortgage complaints to the site have risen 114 percent so far this year vs. a comparable period 5 years ago, in 2007. Complaints are submitted to the legal news web site in order to seek legal aid.

There are three main categories for which mortgage complaints to LawyersandSettlements.com continue to be submitted:

1. Predatory and Discriminatory Mortgage Lending. One particular instance of a mortgage lawsuit involving discrimination was the current U.S. Division of Justice case involving Wells Fargo (United States v. Wells Fargo Bank, NA (D.D.C.)). The case was the second biggest fair lending settlement in the departments history. As part of the discriminatory lending settlement, Wells Fargo agreed to pay $ 175 million to settle allegations that it charged African-Americans and Hispanics greater costs and prices on mortgages than for Caucasian borrowers with similar credit profiles. Wells Fargo stated its intent to settle the mortgage lawsuit was to keep away from contested litigation, and that it treated all consumers fairly without regard to race or ethnicity. This, in spite of the massive numbers of discriminatory lending victims uncovered by a government investigation.

In addition to racial discriminatory lending complaints, LawyersandSettlements.com has also received predatory lending complaints from seniors who allege they have been targeted with items ranging from mortgages with an introductory low price (that rises substantially later on), to reverse mortgages that eat up a homeowner’s equitysometimes without the homeowner fully realizing the correct supply of the nonetheless welcomed earnings.

Wells Fargo was the target of a reverse mortgage lawsuit final year in Chandler v. Wells Fargo & Co., Case No. 11-cv-03831, U.S. District Court, Northern District of California (San Francisco). The mortgage lawsuit, which was filed as a class action, is nevertheless pending. It accuses Wells Fargo of disregarding federal rules on reverse mortgages and forcing homeowners into foreclosure instead of giving heirs a likelihood to buy the residences.

2. Foreclosures. Foreclosure complaints comprise the second category contributing to the rise in mortgage-related complaints submitted at LawyersandSettlements.com. A single foreclosure lawsuit recently filed by Jay Fenello of Woodstock, Georgia (Fenello v. Bank of America, Case No. 1:11-cv-04139-WSD, U.S. District Court, Northern Division, Georgia) alleges Bank of America has been acting in violation of the terms for foreclosure procedure set forth in U.S. et al v. Bank of America Corp., et al (Case No. 1:12-cv-00361-RMC, U.S. District Court, D.C.). In the filing, Fenello’s allegations center on attempts made by Bank of America to foreclose on his home whilst engaging in illegal and unethical practices, including misrepresenting eligibility criteria for loan modifications.

3. Investment Loss Stemming from Mortgage-backed Securities. The failure of mortgage-backed securities stemming from the sub-prime mortgage meltdown of a couple of years ago has left numerous investors with substantial losses right after becoming advised that such securities have been low-, or even no-danger investments. In re Lehman Brothers Mortgage-based Securities Litigation, Case No. 08-CV-6762, U.S. District Court, Southern District of New York, plaintiffs in the class action lawsuit have been awarded $ 40 million in damages. LawyersandSettlements.com continues to obtain complaints with regards to mortgage-backed safety monetary losses from its readership.

About LawyersandSettlements.com
LawyersandSettlements.com provides extensive legal news and crucial info for these impacted by as soon as-in-a-lifetime circumstances involving health-related device lawsuits, individual injury, defective products, California overtime and labor problems or a host of other people. Readers seeking legal assist can request it by completing a form which is distributed to attorneys specializing in these instances. Trial attorneys utilize the internet site to hold abreast of hot legal troubles and settlements as properly as connect with potential customers.

About On the internet Legal Media
On-line Legal Media owns and operates internet sites delivering information for the basic public and the legal neighborhood. LawyersandSettlements.com, founded in 2001, is an on the web legal news publication with over 2.5 million visitors annually and hundreds of thousands of requests for lawyer assist from its readership. OnlineLegalMarketing.com serves as a portal for trial attorneys to network and to market their firms to other attorneys and legal experts. HealthEffectsOfAsbestos.com gives up-to-date resources and news for those suffering from asbestos exposure and mesothelioma. On the internet Legal Media is primarily based in Santa Cruz, California.





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