Homeowners Recover $7.87 Million from Republic Mortgage Insurance Company |
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The parties have reached a proposed $7.87 million settlement of a class action against Republic Mortgage Insurance Company on behalf of mortgage borrowers whose mortgage was insured by Republic under a certificate that became effective between December 18, 1996, and March 31, 2003. The action claims that the insurance was provided on terms that were very favorable to the mortgage lenders. To recover under the settlement, class members must submit a claim form postmarked no later than September 8, 2003.
The settlement will not be effective until the court grants it final approval. The court has scheduled a hearing on the matter for October 24, 2003.
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Other Credit / Debt Cases of Interest
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A class action lawsuit has been filed on behalf of New York residents who received collection letters from National Asset Management. The suit alleges that Affiliated failed to adhere to the requirements of the federal fair debt collection practices act in its interactions with debtors. A statewide class action has been filed in New York against National Asset Management Enterprises, Inc. The action is brought on behalf of all New York residents who, since December 1, 2002, received collection calls from National Asset that allegedly violated the federal Fair Debt Collection Practices Act. The action seeks liquidated damages in the amount of $1000 per class member as well as injunctive and declaratory relief. A national class action has been filed against ClearCredit and several other parties claiming that the defendants worked together to obtain consumers' credit reports under false pretenses, in violation of the federal Fair Credit Reporting Act and Louisiana state law. The action seeks to recover compensatory damages for class members.
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