Mortgage Foreclosure & Refinance Resource

The following law firms have filed or are filing class action lawsuits due to the mortgage meltdown and rise in foreclosures:

• Kirby McInerney LLP
• Zwerling, Schachter & Zwerling, LLP
• Klafter & Olsen LLP
• Hagens Berman Sobol Shapiro LLP
• Kahn Gauthier Swick, LLC
• Stull, Stull & Brody
• Gardy & Notis, LLP
• David W. Dodge of Dodge & Associates PC and Bonnett, Fairbourn, Friedman & Balint

The litigation is filed against the following companies:

• E-Trade
• WSB Financial Group (Multiple Actions)
• Citigroup Inc. (Multiple Actions)
• Countrywide

Details:
Kirby McInerney LLP Announces Expansion of the Class Period for a Securities Class Action Lawsuit on Behalf of E-TRADE Financial Corporation Investors

Kirby McInerney LLP announces that it filed a securities class action in the United States District Court for the Southern District of New York on behalf of all persons who purchased or otherwise acquired the publicly traded securities of E-TRADE Financial Corporation (”E-TRADE” or the “Company”) (Nasdaq:ETFC) during the period December 14, 2006 through November 9, 2007 (the “Class Period”).

On September 17, 2007, E-TRADE shocked investors when it announced that the Company was exiting the wholesale mortgage business, restructuring its institutional brokerage business, and revising its previously issued 2007 financial guidance, and that it expected, among other things, “severance, restructuring and other exit charges” of $32 million as a result of its decision to exit and restructure the businesses.

Zwerling, Schachter & Zwerling, LLP Files Class Action Lawsuit on Behalf of WSB Financial Group, Inc. (WSFG) Investors

The complaint alleges that the Company’s Registration Statement and Prospectus issued in connection with the IPO misrepresented: the standards by which WSB Financial conducted, originated, administered and monitored construction and mortgage loans; its compliance with applicable laws; and its financial condition. As such it is alleged that defendants violated Sections 11 and 15 of the Securities Act of 1933.

Klafter & Olsen LLP Announces That It Has Filed a Class Action Lawsuit Against WSB Financial, Inc.

WSB is the holding company for Westsound Bank, a Bremerton, Washington based financial institution. The Complaint alleges that defendants, including the Company’s top executives and the underwriter of WSB’s initial public offering (”IPO”), D.A. Davidson & Co., violated the federal securities laws by issuing a materially misleading Registration Statement and Prospectus in connection with WSB’s December 14, 2006 IPO. Specifically, the Complaint alleges that the Registration Statement and Prospectus misrepresented: (i) the adequacy of the Company’s accounting policies, including that the Company’s allowances for loan losses were adequate; (ii) that the Company maintained “a high quality loan portfolio”; and (iii) that the Company had complied “with all of the laws and regulations” relevant to its operations. Due to the Company’s misleading statements, WSB stock traded as high as $21 per share during the Class Period.

Hagens Berman Sobol Shapiro Files Proposed Class-Action Suit Against WSB Financial

Hagens Berman Sobol Shapiro LLP (”Hagens Berman”) announced that it has filed a proposed class-action lawsuit in the United States District Court for the Western District of Washington in Tacoma on behalf of purchasers of the securities of WSB Financial, Inc. (”WSB” or the “Company”) after the company initial public offering (”IPO”) seeking to pursue remedies under the 1933 Act (the “Act”). The class action on behalf of all persons who purchased WSB shares, issued pursuant to the December 2006 Registration Statement and Prospectus (the “Class”), excluding Defendants, from December 14, 2006 to October 23, 2007.
Beginning in September of 2007 a series of announcements and investigations into the company’s lending practices caused the WSB stock to plummet. In late September the company announced that due to the reduced demand of mortgage loans in the market 33 jobs would be eliminated in the mortgage division of the company and, that WSB’s executive vice president of sales and lending at Westsound Bank was terminated. As a result stock price fell from $15.30 to $12.40. In a final blow, the company announced that state and federal regulators were looking into possible fraud and misconduct in its real estate lending practices. Within two days of this announcement the company’s stock dropped nearly 60 percent, from $11.20 on October 24, 2007 to $4.73 on October 25, 2007.

KGS Announces That WSB Financial Shareholders Have Until December 31, 2007 to Request Lead Plaintiff Position in Securities Class Action Lawsuit

Kahn Gauthier Swick, LLC (”KGS”) announces that shareholders of WSB Financial, Inc. (”WSB” or the “Company”) (Nasdaq:WSFG) who purchased securities of the Company pursuant to its December 2006 Initial Public Offering (”IPO”) have until December 31, 2007 to move for appointment as Lead Plaintiff in a securities class action lawsuit currently pending in the United States District Court for the Western District of Washington. No class has yet been certified in this action.

Stull, Stull & Brody Announces Class Action on Behalf of Shareholders of Citigroup Inc.

Notice is hereby given that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Citigroup Inc. (”Citigroup” or the “Company”) (NYSE: C) common stock between April 17, 2006 and November 2, 2007 (the “Class Period”).

Stull, Stull & Brody has substantial experience representing employees who suffered losses from purchases of their employer’s stock in their 401(k) plans. If you bought Citigroup stock through your Citigroup retirement account and have information or would like to learn more about these claims, please contact us.

The complaint charges Citigroup and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Citigroup is a diversified global financial services holding company whose business provide a range of financial services to consumer and corporate customers.

The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and financial results. The complaint specifically alleges that: (i) Defendants’ portfolio of CDOs contained billions of dollars worth of impaired and risky securities, many of which were backed by subprime mortgage loans; (ii) Defendants failed to properly account for highly leveraged loans such as mortgage securities; and (iii) Defendants had failed to record impairment of debt securities which they knew or disregarded were impaired, causing the Company’s results to be false and misleading.

Gardy & Notis, LLP Files Securities Fraud Class Action Against Citigroup Inc.

Gardy & Notis, LLP has filed a securities fraud class action lawsuit in the United States District Court for the Southern District of New York on behalf of purchasers of Citigroup Inc. (NYSE:C) securities between January 1, 2004 and November 5, 2007.
The complaint charges that Citigroup misled shareholders by falsely reporting financial statements that failed to consolidate the results and liabilities of certain highly-leveraged special investment vehicles, as required by Generally Accepted Accounting Principles or “GAAP.” The mortgage-backed securities owned by these special investment vehicles (sold to them by Citigroup) have tumbled in value, forcing Citigroup to bail out the special investment vehicles, to the tune of billions of dollars in additional liability.

Update: David W. Dodge of Dodge & Associates PC and Bonnett, Fairbourn, Friedman & Balint An Arizona couple has filed a class-action suit against a Countrywide for improperly charging interest on residential loans.

Timothy and Jessica Lauricella of Gilbert, Ariz., brought a complaint individually and on behalf of class members against Countrywide Home Loans Servicing, a Texas limited partnership. The class action seeks redress for Countrywide’s alleged practice of improperly retaining unearned per diem interest on conforming Fannie Mae and Freddie Mac residential loans and VA-guaranteed residential loans which are repaid by the borrower before scheduled maturity.