Wells Fargo ARM Violated Truth in Lending, 9th Circ. Hears

Law360, San Francisco (July 8, 2013, 6:16 PM EDT) -- A Wells Fargo Bank borrower urged the Ninth Circuit on Monday to revive her claims that the bank violated the Truth in Lending Act by misleading her with low introductory mortgage rates, arguing that a trial court was wrong to find the bank's disclosures were adequate.

Estell Davis argued that her loan paperwork didn't adequately explain the terms of her adjustable-rate mortgage, or the possibility of negative amortization. Instead, Davis, who is 79 and has Alzheimer's Disease, was led to believe that the initial 1.2 percent rate...
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