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Springbok Forums The Side Game General Discussion
Mortgage Class Action (1 viewing)
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TOPIC: Mortgage Class Action
#1050
andy01 (User)
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Mortgage Class Action 2011/12/23 10:25 Karma: 0  
A mortgage class action is a consolidated civil lawsuit against the mortgage industry. A group of plaintiffs with individual complaints are certified as a class so they can pursue claims regarding mortgage loans in one court case. Although theoretically possible in any jurisdiction that allows class actions, this type of case is particular to the U.S., developed to respond to the housing boom of the early-2000s and the subsequent recession and housing crisis that occurred later in the decade.

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#1452
andy01 (User)
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Re:Mortgage Class Action 2012/02/15 22:11 Karma: 0  
Banks and mortgage firms have aggressively fought against the notion that a mortgage class action is a suitable vehicle for individual redress under the Truth in Lending Act. Some courts have agreed. The remedy in this type of class action would call for loan cancellation and the return of all interest, costs, and fees associated with the loan.



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