Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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Ken2
A Wisconsin couple used an attorney, sued back against the mortgage firm foreclosing on them, won triple punitive damages, won their home back...but the news didn't say the name(s), case No., county. It just happened this year, 2009.
 
Does anyone know this information?
 
Ken2

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O -

WOW! Thats GREAT!!!  I can't wait to see more like this. it's about time...

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Johnny


| Main |

Mortage lawsuit holds 'potential nightmare' for banks

1_2 Happy Independence Day. Reader Tsky pointed out this Reuters story in the comment section, and it's worth a post: "A lawsuit filed by a Wisconsin couple against their mortgage lender could have major implications for banks should a U.S. appeals court agree that borrowers can cancel their loans en masse when their lenders violate a federal lending disclosure law."

The suit in question was filed by a Wisconsin couple who said they believed their "teaser rate" -- 1.95% -- was locked in for five years. Instead it more than doubled by their second monthly payment. Before you dismiss their argument, here's the crucial ruling: A federal judge ruled that their lender, Chevy Chase Bank, had violated the Truth in Lending Act and that thousands of other Chevy Chase borrowers could join them as plaintiffs.

More from Reuters: "The judge transformed the case from a run-of-the-mill class action to a potential nightmare for the U.S. banking industry by also finding that the borrowers could force the bank to cancel, or rescind, their loans. That decision was stayed pending an appeal to the 7th U.S. Circuit Court of Appeals, which is expected to rule any day."

Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com
Photo Credit: Reuters
Hat tip: Tsky via comments, link via Patrick.net

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Hope
FOUND IT! 
 
http://www.reuters.com/article/newsOne/idUSN2634924420080630?ref=patrick.net
 
"Hope" it helps some of you.
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hgosh

TILA Class Action Defense Cases–Andrews v. Chevy Chase: Seventh Circuit Reverses Class Action Certification Of TILA Class Action Against Chevy Chase Bank Holding Rescission Not Available In Class Actions Under TILA

http://classactiondefense.jmbm.com/2008/09/tila_class_action_defense_case_7.html

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.
Remember he who has the gold makes the rules. If you don't borrow money they can't screw you. If you borrow money and they screw you don't think the lone ranger or the farey godmother is coming.

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Ken2
NOTE: this couple still won their case in the county circuit court. They only lost the right to turn it into a Class Action lawsuit. A big win overall.
 
Ken2
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O -
hgosh wrote:

TILA Class Action Defense Cases–Andrews v. Chevy Chase: Seventh Circuit Reverses Class Action Certification Of TILA Class Action Against Chevy Chase Bank Holding Rescission Not Available In Class Actions Under TILA

http://classactiondefense.jmbm.com/2008/09/tila_class_action_defense_case_7.html


 NOTE: The Seventh Circuit opinion was not unanimous:   Circuit Judge Evans dissented, arguing that Congress’s failure to expressly exclude rescission as a class action remedy meant that class action complaints should be permitted to seek class-wide rescission until Congress expressly declares otherwise. See Andrews, at 16-18.

Download PDF file of Andrews v. Chevy Chase
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O -

This might be HUGE! We need to keep an EYE on this.

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alexa
 bravo!!!  good  for  them..I  was  reading  about  this case  reported  in depth  in  Iris'  Martin's  book    MORTGAGE WARS!



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