HUD Issues New Regulations in Response to Class Actions
In federal court, we have been involved in multiple class action cases where plaintiffs had overpaid mortgage escrow funds and won. The court in these cases demanded recalculation of the mortgage escrow accounts and a refund of overages. After winning several of these cases, the Department of Housing and Urban Development finally issued new regulations and changed the way mortgage escrows must be calculated. The court in Greenberg v. Republic Federal Savings and Loan Ass’n, 1995 U.S. Dist. LEXIS 5866 (N.D. Ill. 1995), upheld a claim for punitive damages against the Federal Home Loan Mortgage Corporation which owned the loans in question.
To learn about similar services we offer visit our practice areas page. Patterson Law Firm takes a variety of cases. If you have a case similar to the one above or in one of our other practice areas, contact us at (312) 223-1699 or click here.