On July 22, 2010, the Fifth Circuit affirmed a Western District of Texas opinion in favor of a lender and loan servicer in a lawsuit brought by mortgagors who alleged that the terms of their home equity loan violated the Texas Constitution. Cerda v. 2004-EQR1 LLC and Barclays Capital Real Estate Inc., — F.3d —-, 2010 WL 2853651 (5th Cir. July 22, 2010) (King, J.). Applying Texas law in a diversity action, and with one judge dissenting on one issue, the Fifth Circuit declined to certify the issues presented to it to the Texas Supreme Court and instead interpreted Article XVI, Section 50 of the state constitution in accordance with past Texas Supreme Court decisions, reliance on agency determinations and textual interpretations, and at one point an “Erie guess.”
Tag Archives: 5th Circuit
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Recent Updates
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- Supreme Court In CompuCredit Corp. v. Greenwood Gives Another Victory to Proponents of Arbitration
- Defying Senate, President Obama purportedly makes recess appointment of Cordray to lead CFPB
- The Fourth Circuit Declines to Put TILA Form Over Substance
- CFPB Republishes Certain Existing FTC Rules