House votes to stall some mortgage lawsuits
The House of Representatives voted last week to impose a six-month moratorium on some class-action lawsuits filed under the Truth in Lending Act provisions for refinanced home mortgages.
The bill would establish a six-month moratorium on truth-in-lending class-action suits filed against inaccuracies in disclosure forms about refinancing given to borrowers. Individual borrowers could still sue.
Under the Truth in Lending Act, refinanced loans can be rescinded for up to three years for inaccuracies in disclosure forms. If a loan is rescinded, the lender must reimburse all fees and costs to the borrower, including all interest paid, and must release the mortgage lien, which leaves the lender with an
The House passed the bill by voice vote and sent it to the Senate. Michelle Meier, government affairs counsel for Consumers Union, said, "We're very unhappy that the mortgage lenders industry is trying to get retroactive immunity for violating the mortgage lending laws."
NEWS IN BRIEF
* Atlantic Builders Group was honored by the Associated Builders & Contractors' Baltimore chapter with awards for two projects: The restoration of the Phi Delta Theta Fraternity House at the University of Maryland at College Park and the "retrofitting" of Howard County General Hospital.
* Long & Foster Real Estate Inc. named Mary Thompson of the Annapolis office Overall Top Producer for 1994 for the Baltimore/Pennsylvania region, with about $12 million in settled sales volume. Steve Graves of the Severna Park office was named Salesperson of the Year; Harriet Wasserman and Marc Goldstein of the Pikesville office, Top Sales Team; Paul Meyer of the Westminster office, Top Transfer Agent; Roy Grant of the Catonsville office, Top Rookie.
ON THE MOVE
* First Town Mortgage appointed M. Wingate Pritchett senior mortgage specialist in the firm's Baltimore/Lutherville office.
* O'Conor, Piper & Flynn selected Stanley Dill manager of the Hampstead office, replacing Don Wells, who was named to direct the development of OP&F;'s title services in Carroll County.
* Pinnacle Real Estate announced that Craig E. Hyatt was chosen sales manager and marketing director for the Green Ridge housing development in the Randallstown area of Baltimore County.
* Regency Homes appointed John M. Flaherty president of its Baltimore region. Before joining Regency, he was a division president for Ryland Homes.