From: West Virginia Record
By
WHEELING – An Ohio County judge has ruled against Quicken Loans in a $3 million predatory lending case.
Circuit Court Judge Arthur M. Recht concluded an eight-day trial that
spanned 17 months by awarding punitive damages, attorney fees and costs
to mother and daughter Wheeling residents Lourie Jefferson and Monique
Brown.
The award of more than $2.1 million in punitive damages, along with
attorney fees and costs, brought the total verdict in the case against
Quicken Loans to more than $3 million.
Jefferson and Brown also had previously reached a settlement for a confidential amount with the loan appraiser.
Bordas & Bordas attorneys were representing Jefferson and Brown
in foreclosure proceedings initiated by Quicken Loans, their mortgage
lender.
They alleged abusive and predatory conduct on Quicken Loans’ part and
filed a 12-count complaint on behalf of Jefferson and Brown, detailing
predatory lending practices against Quicken Loans and its appraiser in
Ohio Circuit Court.
At the first phase of the trial, the Court ruled in favor of
Jefferson and Brown on numerous counts. The court found the lending
practices of Quicken Loans unconscionable, based in part on Quicken’s
utilization of a highly inflated appraisal in making the loan.
The court also found that Quicken Loans defrauded the homeowners by
misleading them into paying excessive loan origination fees; falsely
promising to favorably refinance the loan in the near future; and
concealing an enormous balloon payment from its own borrowers.
As a result, the court ruled the $144,800 loan that grew to $227,000
was unenforceable as a matter of law and would not have to be repaid and
that Quicken Loans must return $17,000 in payments to Jefferson.
The second phase of the trial resulted in the punitive damage award
and an order that Quicken Loans must pay Jefferson and Brown’s attorney
fees and costs. MORE
No comments:
Post a Comment