1st Circuit Reinstates Predatory Lending Suit Against Bank That Acquired Loan

Mealey's (May 3, 2016, 1:42 PM EDT) -- BOSTON — The First Circuit U.S. Court of Appeals on April 29 reversed a dismissal for lack of jurisdiction in a predatory lending suit filed against the lender that held the note and mortgage at the time of foreclosure after the original lender went bankrupt (Carol Proal v. JPMorgan Chase Bank, N.A., No. 15-1732, 1st Cir.; 2016 U.S. App. LEXIS 7793).

(Opinion available. Document #85-160510-030Z.)

Carol Proal was granted a mortgage by SouthStar Funding LLC for her principal residence. Washington Mutual Bank (WaMu) acquired the note...
To view the full article, register now.