Judge Certifies Class In US Financial Mortgage Spat

Law360, New York (January 26, 2010, 12:54 PM EST) -- A federal judge has certified a class in a suit alleging that now-defunct mortgage broker U.S. Financial Funds Inc. violated federal lending laws in connection with the terms of residential adjustable-rate mortgages.

Judge Elizabeth Laporte of the U.S. District Court for the Northern District of California ruled Friday that the class would include all individuals who received an adjustable-rate mortgage from U.S. Financial with an initial interest rate of 3 percent or less, among other requirements. The class consists of about 120 people, according to the...
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