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Impac Mortgage Holdings Inc. Message Board

  • oneandonlyjoeblow oneandonlyjoeblow Jul 28, 2011 4:38 PM Flag

    OMG, someone is suing IMH!!

    The chickens are coming home to roost. The lawsuits against this house of cards for securitizing fraudulent loans are arriving. (See the latest 10-Q.) Bye, bye.

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    • that remains to be seen...but yes the trail is schd for Aug 12th 2012

      • 1 Reply to repn314
      • Plaintiffs complain that at closing Preferred Credit charged them fees and costs in violation of Missouri's Second Mortgage Loan Act.
        Additionally, Plaintiffs obtained certification of a class of all persons similarly situated. Plaintiffs allege that the IMPAC Defendants are liable to
        Plaintiffs and members of the putative class as alleged holders of notes associated with second mortgage loans originated by Preferred Credit.
        Plaintiffs seek on behalf of themselves and the members of the putative class, among other things, disgorgement or restitution of all
        improperly collected charges, the right to rescind all affected loan transactions, the right to offset any finance charges, closing costs, points or
        other loan fees paid against the principal amounts due on the loans if rescinded, actual and punitive damages, and attorneys' fees.
        Plaintiffs filed a motion for class certification, which was granted. In March, 2004, Plaintiffs filed their Sixth Amended Complaint.
        On February 26, 2010, U.S. Bank National Association ND and other defendants removed the case to federal court. The case remains pending
        in federal court. Trial is scheduled to commence on August 13, 2012.

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