Bryant v. Mortgage Capital Resource Corp.

197 F. Supp. 2d 1357 (2002)

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Bryant v. Mortgage Capital Resource Corp.

United States District Court for the Northern District of Georgia
197 F. Supp. 2d 1357 (2002)

  • Written by Heather Whittemore, JD

Facts

A class of borrowers who took out second mortgages on their homes (the plaintiff borrowers) (plaintiffs) filed a class-action lawsuit against Mortgage Capital Resource Corp. (Mortgage Capital) (defendant), their mortgage lender, alleging that Mortgage Capital violated the Truth in Lending Act by engaging in predatory lending practices. The mortgage borrowers also sued Residential Funding Corporation (defendant), a corporation that purchased loans originated by Mortgage Capital, seeking to hold Residential Funding liable for Mortgage Capital’s violations. The loans that Mortgage Capital issued were covered by the Home Owners Equity Protection Act (HOEPA), a federal law that protected borrowers who refinanced their mortgages, took out home-equity loans, or had other types of high-cost mortgages. Residential Funding moved to dismiss the plaintiff borrowers’ case, arguing that it was exempt from liability under the Truth in Lending Act.

Rule of Law

Issue

Holding and Reasoning (Martin, J.)

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