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The Housing Market Went Boom. Then It Went Bust. Now It Goes To The Courts

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NEW YORK (CNNMoney.com) -- Earlier this year, a Wisconsin couple won a judgment against Chevy Chase Bank that said the bank deceived them over the terms of their mortgage.

The judge ordered Chevy Chase to rescind the loan and certified the lawsuit as class-action, which could potentially release thousands of other borrowers who felt misled

no good hey.

http://money.cnn.com/2007/08/16/real_estat...sion=2007082106

"Most claims will be against mortgage brokers for putting them into loans where they shouldn't have been," said Dan Mulligan, a California-based real estate attorney.

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I hear after 'National Lampoon's European Vacation' and 'Christmas Vacation' ,

Chevy Chase is now producing 'American Repayment Holiday'

;)

Here's a US juicy 'big losers' list (always worth repeating) :

http://www.bankrate.com/brm/news/mortgages/home-values1.asp

Biggest losers

Metro area 2006 Q2

($000s) 2007 Q2

($000s)

%

Change

Elmira, N.Y. 87.3 71.7 -17.9

Palm Bay-Melbourne-Titusville, Fla. 215.7 183.3 -15.0

Davenport-Moline-Rock Island, Iowa, Ill. 116.5 103.3 -11.3

Sarasota-Bradenton-Venice, Fla. 350.9 311.4 -11.3

Deltona-Daytona Beach-Ormond Beach, Fla. 210.7 193.2 -8.3

:o

Edited by Saving For a Space Ship

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With credit much tighter today, the refinance option is off the table for many. And, as prices have fallen in many places, it's more difficult to sell a home for the amount owed.

Said very matter of factly don't you think?

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Gordenron said no more Boom - Bust.

Well, he could claim he has succeeded if the same happens in this country.

Was Boom-Bust

Now Boom-Bust-Court

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