In re Ameriquest Mortgage Co. Mortgage Lending Practices Litigation
United States District Court for the Northern District of Illinois
2007 U.S. Dist. LEXIS 70805 (N.D. Ill. 2007)
Skanes (plaintiff) alleged that she signed a mortgage with Ameriquest Mortgage Co. (Ameriquest) (defendant), which ordered an appraisal of the home Skanes was to purchase. Skanes alleged that Ameriquest and the appraiser inflated the value of the home to increase the loan amount and therefore Ameriquest’s profit. In her complaint, Skanes asserted a federal claim under the Truth-in-Lending Act (TILA) and state law claims for fraud.
Rule of Law
Holding and Reasoning (Aspen, J.)