Citi Can't Dodge Service Member's Loan Interest Rate Suit

Law360, New York (June 26, 2013, 7:48 PM EDT) -- A South Carolina federal judge Wednesday denied CitiMortgage Inc.'s motion to dismiss a proposed class action over allegedly violating the Servicemembers Civil Relief Act by charging U.S. military service members interest rates on home loans that exceeded a 6 percent cap

Judge Cameron McGowan Currie refused to toss out the suit lodged by service member Raymond Wray. The homeowner contends that CitiMortgage used a wrongful subsidy program to pay the extra interest between the 6 percent cap and a 12.99 percent rate that was on his...
To view the full article, register now.