[TChris]

The bank said it clearly spelled out the loan terms, but the judge found that Chevy Chase violated the Truth in Lending Act (TILA), which mandates that mortgage documents must be clear and understandable.

It is impossible to make an idiot-proof mortgage. They just keep making better idiots.

[goldstategop]

I have a fixed at 5.87% 30 year. I find it hard to understand how someone signed for an ARM without knowing what kind of mortgage terms they were agreeing to.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

[Calpernia]

ping

[Eagles Talon IV]

By the time the bank gets done with the appeals process the plaintiffs will be dead of old age.

[montag813]

What they got was an option adjustable-rate mortgage (ARM); the 1.95 percent rate only applied for the first month and rose every month afterwards. "The second month, the interest rate was about 5 percent," said their attorney Kevin Demet. "After a year it was about 7 percent and now it's in the 8s."

Say what you want about shyster lawyers, that is one pretty f**ked up "loan".

[TexasCajun]

"Didn't know I owned a bank, did ya? "

[traditional1]

Every speculator who intended to flip a house before the interest-only loan rolled will be lined up for handouts of taxdollars now that the market has softened and they lost their get-rich-quick gambles, after Bawney Fwank's hearings on the "mean ol' Lenders" is done.

Heads up taxpayers: you are going to be paying other peoples' mortgages soon!

[A CA Guy]

Well if the judge felt the document was not clear, there is a good reason to give an out to the borrower.

There is some duty of the lender to make the terms in common English perfectly clear.

If they are dealing in some language, they are equally responsible for perfect translation and clarity of those terms in whatever language.

[RockinRight]

How do you define “clear and understandable??” What you or I consider understandable might be different than someone else. You can’t idiotproof everything.

[ex-Texan]

Treasury Bill Yields Fall Most Since 1987 on Money Fund Demand

Well, I can not post excerpts from the source. FR regulations, you know? But it seems that some very smart people think the markets are in a total 'fear mode.' Market Geee Gaaaws driven by profit taking and fear is about right. IMHO: The old Wall Street 'pump and dump con game is in full force. Yada, Yada.`