The portion of a loan exceeding the limits of the FHA regulation is void and not collectible by the bank, but the portion not exceeding the limit is valid and secured by the housing unit.
August 30, 2012 at 04:35 PM
1 minute read
It was not a busy term with respect to commercial law matters. There were, however, three cases of some note.
In U.S. Bank v. Hough, 210 N.J. 187 (2012), the Supreme Court of New Jersey interpreted N.J.A.C. 5:80-26.18(e), the regulation that voids an excessive loan secured by an affordable-housing unit in violation of the Fair Housing Act, N.J.S.A. 52:27D-301 to-329.19.
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