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.
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