Ariz. Mortgage Co. Can't Duck Down-Payment 'Gift' Claims

Law360, New York (January 28, 2013, 4:36 PM EST) -- A federal judge on Friday largely allowed class action claims alleging that an Arizona mortgage company duped borrowers into paying higher home loan interest rates by offering to pay part of their home down-payments as a “gift” to survive a motion to dismiss.

Judge David G. Campbell of federal district court in Phoenix ruled that The Lending Co. Inc., the mortgage lender at the center of the dispute, had not raised sufficient doubt about the class claims that it knowingly lured borrowers into inflated interest rates...
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