28 min
MORTGAGE GOLIATH TROUNCED - Chevy Chase Loses Lawsuit Over Fine Print Your Home -Your Money Mortgage Radio
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This mortgage-gone-bad story is getting attention across the US as it applies to borrowers everywhere. According to an article in the Washington Post, Susan and Kevin Andrews of Cedarburg, Wisconsin refinanced their home in 2004 into what was explained - and reportedly documented - to be a 1.95% interest rate that was to be fixed for five years. It was not. The Andrews family decided to fight and eventually took the lender - Chevy Chase Bank - to court and WON, setting the table for a class action lawsuit by thousands of borrowers in the same boat. This is their story - and their caution - to the listeners of Your Home-Your Money as related in this excellent live interview.
You can find the Washington Post article here:
http://www.washingtonpost.com/wp-dyn/content/article/2007/02/05/AR2007020501415.html
This mortgage-gone-bad story is getting attention across the US as it applies to borrowers everywhere. According to an article in the Washington Post, Susan and Kevin Andrews of Cedarburg, Wisconsin refinanced their home in 2004 into what was explained - and reportedly documented - to be a 1.95% interest rate that was to be fixed for five years. It was not. The Andrews family decided to fight and eventually took the lender - Chevy Chase Bank - to court and WON, setting the table for a class action lawsuit by thousands of borrowers in the same boat. This is their story - and their caution - to the listeners of Your Home-Your Money as related in this excellent live interview.
You can find the Washington Post article here:
http://www.washingtonpost.com/wp-dyn/content/article/2007/02/05/AR2007020501415.html
28 min