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Case ID: 2659 | Credit / Debt | 05/17/2004
The parties have reached a proposed settlement of a class action against Community Bank of Northern Virginia, Guaranty National Bank of Tallahassee, and GMAC-Residential Funding Corporation on behalf of persons who took out a second mortgage from Community Bank of Northern Virginia or Guaranty National Bank of Tallahassee that was later purchased by GMAC-Residential Funding Corporation. The action claims that the terms of the mortgages violated federal and state laws. Under the settlement, class members will receive payments of between $250 and $600.
Excluded from the settlement are persons who were part of the plaintiff class in Baxter v. Guaranty National Bank of Tallahassee in Wake County Superior Court, North Carolina. Class counsel informed ClassActionAmerica of the following on October 10, 2003: "At this time there is no need for you to submit a claim to receive your share of the settlement. The initial As described in the settlement notice, if you were sold a loan from Community Bank of Northern Virginia after May 1, 2000 or from Guaranty National Bank of Tallahassee after September 19, 2001, your initial For further information, contact class counsel at (888) 577-6537. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Credit / Debt Cases of Interest A class-action suit was filed in the U.S. District Court of Arizona alleging that CareMark Rx, Inc. intentionally concealed revenue in order to avoid paying certain commissions owed to consultants who marketed and sold its services. A class action, which apparently covers all U.S. residents, has been filed in Pennsylvania against mortgage giant American Home Mortgage Corporation. The action is brought on behalf of all consumers who, since 2001, were not furnished with mandatory credit information, or provided with contact information for obtaining this information, after American Home either denied them a mortgage loan or provided one with elevated interest rates or fees. The consumers are seeking compensatory, statutory and punitive damages.
A class action lawsuit has been filed against Illinois collection agent Enterprise Recovery Systems. The suit alleges that in its efforts to collect on debts allegedly due to Northern Illinois University, the defendant engaged in abusive and deceptive collection practices that violated federal fair debt collection practices laws. The suit seeks to certify a statewide class and collect actual and punitive damages on behalf of the plaintiffs. There are numerous federal laws that protect borrowers from predatory and unscrupulous lenders. The parties have reached a $40.4 million settlement in an enforcement action filed against mortgage company Fairbanks Capital Holding Corporation, its wholly-owned subsidiary Fairbanks Capital Corporation, and their founder and former CEO, Thomas D. Basmajian on behalf of borrowers whose mortgage payments were posted late and who were charged illegal late fees or other charges because of the late postings. Persons interested in taking part in the settlement should contact the attorneys for the class.
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