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: loans
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Topics
- Bureau of Consumer Financial Protection
- Class Actions
- Compliance
- Consumer Financial Protection Act
- Consumer Financial Protection Agency
- Consumer Financial Protection Bureau
- Credit CARD Act
- Electronic Funds Transfer Act
- Fair and Accurate Credit Transactions Act
- Fair Credit Reporting Act
- Fair Debt Collection Practices Act
- Fair Housing Act
- Lending Discrimination
- Mortgage Foreclosures
- Preemption
- Real Estate Settlement Procedures Act
- State Consumer Protection Laws
- Truth in Lending Act
Recent Updates
- CFSL Action Update: March 15, 2012 – April 16, 2012
- CFPB Says Rescission Complete on Notice
- Court Permits Creditor to Charge and Collect Convenience or Expedited Payment Fees
- The Consumer Financial Protection Bureau Proposes Boundaries for its Nonbank Supervision of Debt Collection and Credit Reporting Organizations
- Second Circuit Panel Strikes Arbitration Agreement With Class Action Waiver