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Class Action Lawsuit Filed Against CIBC Mortgages on Prepayment Penalties

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Consumers hate mortgage prepayment penalties, largely because they don’t understand them.
Now, there is about to be a high-profile challenge of how mortgage penalties are calculated.
CIBC Mortgages Inc., a subsidiary of CIBC bank, has just been named the subject of a pending class action lawsuit.
The intended suit claims that CIBC improperly calculated penalties for customers who broke their mortgages from 2005 to date.
The claim alleges that:
“CIBC applied terms and conditions to certain mortgage contracts to allow it unfettered discretion for calculation of mortgage prepayment penalties.”
“…the quantification of prepayment penalties applied by CIBC are in breach of the mortgage contracts.”
To read more follow this link http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2011/10/class-action-lawsuit-filed-against-cibc-mortgages-on-prepayment-penalties.html 


http://www.christinebuemann.com/ 
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