Answer
Yes, but unless the plaintiff has unlimited financial and legal resources it could prove to very difficult to prevail. Rather than a personal lawsuit against a lending institution the person might wish to consider the possibility of a class action suit and enlisting the assistance of the state and/or federal banking regulators.
http://www.sec.gov
Although as the situation gets worse many judges are not letting the lenders, brokers and others get away with business as usual. Many home owners are filing suit. According to http://www.mortgagelawyergroup.com the initial stage of the litigation generally involves a $5,000 fee an the monthly fees generally are $1,500.