Predatory Lending - Written by Jere Beasley on Tuesday, September 23, 2008 11:30 - 3 Comments
Jury awards woman $1.25 million in her mortgage-related lawsuit
A Baltimore woman who defaulted on a subprime loan has been awarded $1.25 million in damages from her lender, Wells Fargo Bank N.A. The case may lead to similar lawsuits nationwide, and also may help Baltimore’s suit against the bank, claiming it targeted minority neighborhoods with subprime loans. Kimberly L. Thomas was awarded $250,000 in damages and $1 million in punitive damages in Montgomery County Circuit Court. A jury found Wells Fargo guilty of fraud, negligence and other charges for inflating Ms. Thomas’ income and assets on her mortgage application, and locking her into a bigger loan than she had applied for — one she couldn’t afford.
Source: Baltimore Business Journal
3 Comments
Teri
Lazaros Dallas
The crime is that Wells Fargo is trying to forec lose on illegal mortgages. If your mortgage has the name Linda Greene on it , you hit the lottery. Don’t pay them anything and still sue them. I live in Fort Lee, N.J. and Wells Fargo told me that the last 98 payments and they pay my property taxes and forced place insurance. That’s what happens when you buy money laundering outfits like Wachovia.
Lazaros Dallas
I am sorry they have not recieved the last 98 payments ,they pay property tax, and forced place insurance. I taped their lawyer saying bad stuff. I can’t believe Obama and Holder didn’t crucify them.Let’s you know who runs things.
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Just great! Typical! While the majority of us just want this shady bank to modify our loans to keep us in our homes, they would rather payout million dollar law suits 1 @ a time??? Seriously, $1.25 million in damages to 1 person & letting the rest of us writhe in a frying pan??? Why would this government & a great law firm not just sue them for the multiple millions they were given by the government, imprison their corporate heads & force them to offer modifications to everyone who applied??? No, I see your point, it is much better to give 1 Wells Fargo victim & her attorney $1.25 mill! Smart thinking! Carry on!