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Case ID: 3971 | Credit / Debt | 11/29/2004
Buying a home is a momentous (and stressful) process under the best of circumstances. It can be a nightmare when closing costs and settlement fees push the price of home ownership even higher. A class action lawsuit has been filed on behalf of home buyers against mortgage lender HSBC Mortgage Corp. The suit alleges that HSBC charged home purchasers settlement fees that were not fully earned or were marked up past their real value in violation of federal lending laws. The plaintiffs seek financial and other damages from HBSC.
The suit alleges a consistent and deliberate pattern of wrongful charges at HSBC. Two of the most common inappropriate charges, plaintiffs claim, related to "tax service" and "flood certification" fees. With respect to boths fees, plaintiffs allege that HSBC routinely used a third party vendor to perform the work covered by the fee, and then charged the home buyer both the vendor's assessed fee and a markup. Plaintiff's allege the markup violated federal lending laws which prohibit mortgage lenders from charging unearned fees. The plaintiffs seek reimbursement of the unearned fees plus statutory damages of three times the unearned fees as provided for by federal law. Plaintiffs also seek interest, costs, attorneys fees, punitive damages, and an injunction prohibiting HSBC from charging unearned fees on any future loans. 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 Your mortgage contract should tell you exactly what fees your lender can charge--Do not pay any fees not listed. The class has been certified in an action filed against lender Household Finance Corporation and its Beneficial Corporation subsidiary on behalf of mortgage borrowers nationally who allege that the companies violated their loan agreements by overcharging interest on loan origination fees. Persons eligible to take part in this action need take no action at the present time. Merchants Decry American Express Company's Use of Market Power to Muscle Into the Credit Card Market A company that has a great deal of power in one market should not be able to legally use that power to leverage its way into other markets--this is the heart of many antitrust actions. A class action has been filed against American Express Company on behalf of merchants who accept the company's charge cards, alleging that American Express uses its market power unlawfully to force class members to accept its credit cards at excessive rates in violation of federal antitrust laws.
Less than a month after TJX, the parent company of TJ Maxx, disclosed in a Securities and Exchange Commission filing that more than 45 million credit and debit card numbers may have been stolen from its IT systems over an 18-month period, the company is being hit with a class-action law suit seeking "tens of millions of dollars." 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.
A class action lawsuit has been filed on behalf of uninsured patients who received and were billed for medical care by any hospital within the Oregon based Legacy Health Systems network of hospitals. The suit contents that Legacy billed its uninsured patients at rates far in excess of the rates employed for insured patients and that this practice was and is both discriminatory and illegal. A class action has been filed against the Ford Motor Credit Company on behalf of all Florida residents who leased cars from Ford between October 16, 1998, and October 16, 2003, and who paid "taxes" on itemized fees for wear and tear, excessive mileage and disposition of the vehicles at the end of their lease. The lessees claim that these "taxes" were merely hidden fees and that Ford either pocketed the "tax" money, or benefited from it prior to forwarding it to the Department of Revenue.
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