LOS ANGELES–(October 15, 2012) –The national law firm of Baron and Budd is investigating possible mortgage rate fraud in adjustable rate mortgages taken out in 2007. Homeowners with certain types of adjustable rate mortgages obtained in 2007 may be paying more interest than they should because their rates may have been miscalculated. Even a small error in interest rate calculation can cost homeowners tens of thousands of dollars over the life of a home mortgage.
“This is yet another manipulative banking practice that harms consumers,” said attorney Roland Tellis of Baron and Budd’s Los Angeles office. “These banks are taking advantage of homeowners with adjustable rate mortgages, and most homeowners have no idea that their mortgage rate has been miscalculated.”
Baron and Budd is a national law firm with a history of protecting individuals from financial fraud. The firm is currently pursing litigation against a number of national banks for various mortgage and financial fraud issues. Recently, Baron and Budd took the lead in a $110 million settlement with banking giant JP Morgan Chase in national litigation regarding the manipulation of bank overdraft fees. The firm was also involved in overdraft fee litigation against Bank of America that resulted in a $410 million settlement.
You may have been overcharged on your adjustable mortgage rate if you took out an adjustable rate mortgage for your home in 2007. Contact us at 1.866.590.2104 or via email at firstname.lastname@example.org to learn more.