Mealey's Banking & Finance - Judge Finds Man Unable To Show Loan's Terms Were Unconscionable

Mealey's Banking & Finance - Judge Finds Man Unable To Show Loan's Terms Were Unconscionable

CHARLESTON, W.Va. - A federal judge in West Virginia on June 9 awarded summary judgment to defendants in a lawsuit stemming from a man's acquisition of an adjustable-rate mortgage (ARM) loan, finding that the plaintiff was unable to show that the payment of a yield spread premium to a mortgage broker made the terms of the loan unconscionable and, thus, unenforceable (William C. Skibbe v. Residential Credit Solutions Inc., et al., No. 08-cv-01393, S.D. W.Va.; 2014 U.S. Dist. LEXIS 77973).

Find full version on lexis Advance®
Access this news story on lexis.com®