NY (CNNMoney.com) — throughout the housing boom, mortgage brokers had been doling out of the dough, offering loans to individuals who could never have qualified before.
Now, home owners and federal federal government officials are increasingly using these organizations to court, alleging unfair and predatory methods. Some banks have already settled for millions of dollars while many of these suits are still winding their way through the legal system.
The defendants are the biggest names into the company — from Wells Fargo (WFC, Fortune 500) to Countrywide Financial to Citigroup (C, Fortune 500).
“Borrowers searching for towards the system that is legal assist in maintaining their homes, ” stated Gary Klein, a partner in Boston-based Roddy Klein & Ryan, which centers around customer legislation. “there are many instances pending than i have ever noticed in my career this is certainly 23-year.