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Consumer Law Keyed to Pridgen, 5th Ed.
Bryant v. Mortgage Capital Resource Corp.
Citation:
197 F. Supp. 2d 1357 (2002)Facts
Plaintiffs are homeowners who obtained closed-end, high-cost mortgage loans from Mortgage Capital Resource Corporation (MCR) between October 1995 and March 2000. Plaintiffs allege that MCR engaged in predatory lending by advertising low-cost, low-interest loans through mail brochures, encouraging consumers with good credit to apply by phone, then executing a “bait and switch” at closing by substituting high-cost HOEPA loans. MCR allegedly violated HOEPA by failing to provide mandatory disclosures three business days before closing as required by 15 U.S.C. § 1639(b)(1), instead providing them only at closing. Plaintiffs further allege MCR falsified closing documents by backdating them to appear compliant with disclosure requirements. Residential Funding Corporation (RFC) purchased numerous MCR-originated HOEPA loans in the secondary market. Plaintiffs seek to impose assignee liability on RFC under 15 U.S.C. § 1641(d)(1) for both federal TILA violations and state law claims including fraud and state RICO violations.
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