in Newswire Published on January 12, 2017

U.S. Housing and Urban Dev. Secretary Hit with Class Action Lawsuit

Last Updated on May 8, 2018

Associated Mortgage Bankers, Inc. v. Castro et al

Filed: January 12, 2017 ◆§ 1:17-cv-00075

Secretary of the U.S. Department of Housing and Urban Development Julian Castro and the department itself (HUD) are the defendants in a proposed class action.

Defendant(s)

US Department of Housing and Urban Development

Law(s)

State(s)

District of Columbia

Categories

Government

Secretary of the U.S. Department of Housing and Urban Development Julian Castro and the department itself (HUD) are the defendants in a proposed class action over their alleged “abysmal conduct in disposing of the collateral for a loan originated by plaintiff Associated Mortgage Bankers, Inc.” According to the complaint, HUD allegedly improperly sold a property valued at $550,000 for a little more than $360,000 as part of a bulk sale of defaulted notes. Calling the defendants’ conduct “outrageous,” the plaintiff say as a result of the undersell—and an agreement to indemnify HUD for any losses suffered in connection with the liquidation of this particular loan—they must pay losses totaling almost $175,000.

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