I need to read more about the case, but can you imagine what would happen if all the borrowers in this situation followed suit... and won?
http://www.bizjournals.com/washington/stories/2008/08/18/story18.html?ana=from_rss
A Silver Spring woman who defaulted on a subprime loan has been awarded $1.25 million in damages from her lender, Wells Fargo Bank N.A. The borrower, Kimberly Thomas, was awarded $250,000 in damages and $1 million in punitive damages in Montgomery County Circuit Court July 31. A six-member jury convicted Wells Fargo of fraud, negligence and other charges for inflating Thomas’ income and assets on her mortgage application, and locking her into a bigger loan than she had applied for — one she couldn’t afford.
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