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Update On TILA Litigation Still A Favorite For Plaintiffs Lawyers

Why So Much Focus On TILA? . Attractive Because:Complex and detailed disclosure requirementsEspecially true for nontraditional products (e.g., payment option ARMs)Virtually strict liabilityAssignee liabilityRescission remedySo Much Litigation Because:Crisis = opportunity ? scores of new mort

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Update On TILA Litigation Still A Favorite For Plaintiffs Lawyers

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    1. Update On TILA Litigation – Still A Favorite For Plaintiffs’ Lawyers J. Matthew Goodin LOCKE LORD BISSELL & LIDDELL LLP September 15, 2009 Washington D.C. NOTES:NOTES:

    2. Why So Much Focus On TILA? Attractive Because: Complex and detailed disclosure requirements Especially true for nontraditional products (e.g., payment option ARMs) Virtually strict liability Assignee liability Rescission remedy So Much Litigation Because: Crisis = opportunity ? scores of new “mortgage litigation specialists” around the country Internet: electronic filing + online repositories of correspondence/pleadings ? litigation tsunami Following the leader NOTES:NOTES:

    3. What Types of TILA Litigation Are We Seeing? Payment Option ARM Class Actions Started in California; Spread to South Carolina, Maryland, Florida, and more are threatened “Copycat” Individual Actions The true believers; The serial filers Counterclaims for Rescission in Foreclosures NOTES:NOTES:

    4. First wave of cases focused on payment option ARMS were filed in California in late 2007. Statutory claims under TILA (rescission and damages) and UDAP, as well as fraud, breach of contract, and breach of the implied covenant of good faith and fair dealing. Seeking certification of state and national classes. “Climbing the Tree” vs. “Climbing the Ladder” – Plaintiffs pursing claims against lenders, purchasers and securitizers, trusts and even servicers.

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