SAN FRANCISCO — In apparently the first decision of its kind in California, a state appeal court sided with plaintiffs Wednesday in a potential class action that blames a lender for misleading customers about the details of exotic mortgages.

The borrowers in the case accuse Irvine-based Home Loan Center Inc. of bamboozling them with misleading terms on option adjustable-rate mortgages, which featured an irresistible “teaser” rate that soon skyrocketed. The plaintiffs claim loss of equity in their homes and other damages.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]