JERUSALEM — Hogan Financial Group Inc., the nation’s largest mortgage lender, is suing three other banks and its chief executive officer, accusing them of fraud and breach of fiduciary duty.
The complaint filed Monday accuses the three banks of making false or misleading representations to investors and other creditors about the extent of the company’s bad loans, according to a copy of the complaint obtained by Bloomberg News.
The suit also accuses the banks of misleading investors about the amount of mortgage-related losses that they have incurred, the company said in a statement.
The lawsuit filed Monday alleges Hogan had $5.3 billion in loan losses and $1.2 billion in foreclosure protection and foreclosure settlement losses, according a copy.
The lawsuit alleges the banks’ losses totaled $51.6 billion and the company had $6.9 billion in outstanding mortgage debt, according the copy.
Hogan’s claims are separate from the one filed Monday against JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & the National Association of Realtors.
The three lawsuits were filed in federal court in New York.
The three defendants have not responded to requests for comment.JPMorgan’s complaint seeks a jury trial and damages of at least $100 million, according an email sent to a Hogan spokesperson.
Jetsky, whose firm represents Hogan, did not immediately respond to a request for comment on the suit.
Hodgson & mktg, one of the three lenders, did also not immediately reply to requests seeking comment.
Hudson’s complaint alleges that it did not adequately address the loans it made and did not make adequate representations about the financial condition of its loan portfolios to investors or others.HODGSON’S MATTERS:The suit alleges the three defendants made false or inaccurate representations to the court about the level of losses incurred by the companies, according its copy.
The Hogan complaint also claims the banks failed to properly monitor the companies’ losses and failed to disclose the extent to which the companies had defaulted on loans.HOT ON THE LEFT:Trump orders DOJ to investigate $20 billion of loan fraud on Trump properties, calls for special prosecutor