FRESNO, Calif. - A mortgage lender's alleged failure to disclose the risk of negative amortization when providing a California woman with an adjustable-rate mortgage loan did not constitute a "material disclosure" that would extend the limitations period for rescission from the loan under the Truth in Lending Act, a federal judge ruled Nov. 10 (Wanda Reagen v. Aurora Loan Services Inc., et al., No. 09-CV-839-OWW-DLB, E.D. Calif.; 2009 U.S. Dist. LEXIS 104757). From Mealey's Litigation Report: Mortgage Lending

DETROIT - A Michigan-based law firm representing plaintiffs in more than 90 mortgage lending lawsuits was ordered to pay the costs and fees incurred by a loan servicer in defending a lawsuit as a sanction for the firm's continued efforts to improperly pursue claims against such companies, a federal judge ruled Oct. 27 (Zoya Jaafar v. Homefield Financial Inc., No. 09-12832, E.D. Mich.; 2009 U.S. Dist. LEXIS 99713). From Mealey's Litigation Report: Mortgage Lending