The Home Equity Theft Reporter: Lender’s Improper Calculation Of Interest Sinks Foreclosure Action, Leaves It Holding A Criminally Usurious Mortgage Loan Subject To Cancellation

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The Debtor filed a complaint in the bankruptcy court seeking to disallow the Assignee’s claim on the grounds that the interest rate on the loan was usurious under Colorado law. While Wisconsin law permits loans to corporations at any interest rate, colorado law prohibits interest rates above 45%.

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The Home Equity Theft Reporter: Lender’s Improper Calculation Of Interest Sinks Foreclosure Action, Leaves It Holding A Criminally Usurious Mortgage Loan Subject To Cancellation.

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Lender’s Improper Calculation Of Interest Sinks Foreclosure Action, Leaves It Holding The Bag On A Criminally Usurious Mortgage Loan Subject To Cancellation ( This post is a reprint of an entry originally posted on September 19, 2010 .)

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