From Pine View Farm

Truth in Lending 2

Customers fight back:

This seems to be where many of the subprime 2/28 ARMs ran afoul: They failed to meet the disclosure laws regarding actual interest amounts and payments.

Who has gotten tagged with these cases so far? Subprime lender NovaStar Financial Inc. (NFI) in Kansas City settled a class action suit for $5.1 million. And, consumers in Wisconsin recently won a class-action TILA suit (its under appeal).

Via Atrios.



  1. Opie

    August 23, 2007 at 10:36 pm

    This doesn’t make sense to me, though. The truth-in-lending laws have nothing to do with the market the subprime loans were made to, do they? It seems to me like they would apply regardless of the interest rate or the credit score of the borrower.

  2. Jessy

    August 26, 2010 at 7:52 am offers a variety of qualified mortgage leads and refinance leads. We sell Exclusive Mortgage Leads, Hot Transfer Leads, Sub-Prime Leads.. etc