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Consumer Law Keyed to Pridgen, 5th Ed.
Matthews v. New Century Mortgage Corp.
Citation:
185 F. Supp. 2d 874 (2002)Facts
The four plaintiffs, all elderly single women, were contacted by mortgage brokers about home improvement loans. Each plaintiff was promised loans that would consolidate bills and lower monthly payments. However, the mortgage brokers falsified information on loan applications, including listing fictitious businesses as the plaintiffs’ sources of income and inflating their monthly incomes substantially beyond their actual social security benefits. The plaintiffs signed loan documents without receiving copies prior to closing and without being informed of their three-day right to cancel. New Century Mortgage Corp. approved these loans despite the fraudulent information. The plaintiffs later discovered they had received refinancing loans for amounts far exceeding their requested home improvement costs, with high interest rates and monthly payments they could not afford. Several plaintiffs faced foreclosure proceedings. The complaint alleged that New Century employees had close personal ties with mortgage brokers and that the defendants engaged in a pattern of targeting elderly, single women for these predatory loans.
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