Wilson v. Toussie
United States District Court for the Eastern District of New York
260 F. Supp. 2d 530 (2003)
- Written by Rich Walter, JD
Facts
Maxine Wilson and others (homebuyers) (plaintiffs) brought a federal suit against Isaac Toussie and other real estate agents and lenders (defendants) with whom the homebuyers had done business when they purchased and financed their homes. One of the homebuyers’ accusations was that the lenders had loaned purchase money to the homebuyers in return for the homebuyers’ mortgages and signatures on grossly overvalued and predatory promissory notes. The lenders then sold these negotiable instruments on the secondary mortgage market to various banks and other financial institutions (current lenders) (defendants). The homebuyers alleged that the current lenders had unjustly enriched themselves on overvalued notes that they knew, or could have inferred, had been originated fraudulently. The current lenders claimed immunity on the grounds that they held the notes in due course.
Rule of Law
Issue
Holding and Reasoning (Hurley, J.)
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