User Comment by Joe on Mortgage Lending Fraud







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Joe's Comment on
Mortgage Lending Fraud

Re: Chevy Chase Bank

User Comment

Main thread--Mortgage Lending Fraud

From: Joe
State: Missouri
Posted: 07/02/2008
Subject: Chevy Chase Bank
Comment:
There is a significant class action case against Chevy Chase Bank now pending before the United States Court of Appeals for the Seventh Circuit. The lower court in Wisconsin ruled that "the bank had violated the Truth in Lending Act, or TILA, and that thousands of other Chevy Chase borrowers could join them as plaintiffs." Link. That's bad news for Chevy Chase Bank ... but it got worse. The lower court further ruled that the borrowers could cancel or rescind their loans due to violation of the TILA. This has huge implications for the entire mortgage industry.

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