In The NewsWells Fargo settles suit over Pick-A-Payment loans10 states reach agreements to modify mortgage loans; Carolinas not among them. Homeowners to get relief. Working to clean up problem mortgages inherited in its 2008 Wachovia purchase, Wells Fargo & Co. in recent weeks has reached a settlement in a class-action lawsuit and signed loan modification agreements with 10 states, with more likely to come. read more LA Times `Option' ARMs can easily confuse The artificially low initial interest rate on an option ARM is known as the teaser rate because it's the number that lures you into taking the loan. But although the payment may be fixed for several years, the teaser rate expires after the first month. The additional interest is added to the mortgage balance. Jeffrey Berns, a Woodland Hills attorney representing the Hortons, says borrowers are often tricked into believing that the teaser rate will last for as long as the fixed minimum payment does. read more Goodman Acker Predatory-lending litigation looms Amid the subprime mortgage crisis, many people across the country—with both good and bad credit—have found themselves stuck with loans that are not what they anticipated. Mortgage lenders and related institutions are under intensifying scrutiny for a wide range of illegal conduct, including misrepresenting loan terms, adding bogus fees, inflating appraisals, committing securities fraud, and discriminating against borrowers based on their race and gender. Lawsuits allege violations of the Truth in Lending Act (TILA), the Fair Housing Act, the RICO statute, and state consumer protection laws, to name a few…. read more Reuters.com Lawsuits accelerate amid U.S. housing crisis "This will be a long slog, but the industry will get through it," said Tom Hefferon, a partner at law firm Goodwin Procter in Washington, D.C. The stakes are high for lawyers and lenders. But emotions are running high for plaintiffs who had subprime loans. Richard Carbone, 65, and his wife Carmen, 62, in Hesperia, California, are typical. They said that not only were they not protected but were cheated by their mortgage provider…. read more The Home Equity Theft Reporter Option ARMs The Target Of Homeowners' "Truth In Lending" Lawsuits Buried in a recent column appearing in the San Francisco Chronicle is a mention of attorney Jeffrey Berns, of Tarzana, California (Los Angeles County) who is preparing to file Federal Truth In Lending Act lawsuits on behalf of hundreds of borrowers who took out option ARMs. According to the column read more |
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