A federal jury on Wednesday handed up a $220,000 verdict to an elderly borrower in what appears to be the first successful use of New Jersey’s Consumer Fraud Act on a claim of predatory lending.
The jury found that EquiHome Mortgage of Bernardsville, N.J., engaged in unconscionable practices by inducing Millard Leff, of Whitehouse Station, N.J., to trade in his existing mortgage for one with far less favorable terms.
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