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Contact:
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Robert Schmermund
(202) 857-3104
Jim Eberle
(202) 857-3145
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Jim Eberle
(202) 857-3145 (work)
(703) 893-2593 (home)
[email protected]
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For Immediate Release
January 7, 2002
#02-1 |
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E-mail:
[email protected] |
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AMERICA’S COMMUNITY BANKERS PETITIONS SUPREME COURT TO OVERTURN YIELD SPREAD PREMIUM DECISION
WASHINGTON, D.C. — America’s Community
Bankers and the Mortgage Bankers Association of America have petitioned the U.S.
Supreme Court to hear the Culpepper yield spread premium case and rule in
favor of Irwin Mortgage Corp.
ACB and MBAA, in their amicus curiae
brief supporting Irwin, asked the court to accept the case for review and
overturn the judgment of the 11th Circuit Court of Appeals, which certified the
case as a class action. The appeals court decision is contrary to more than 50
district court decisions.
ACB and the MBAA said the Culpepper
case “creates the risk of catastrophic industry liability and threatens to
eliminate from the marketplace yield spread premiums and the critically
important role they play in promoting homeownership.”
Following the court of appeals
decision, the Department of Housing and Urban Development issued a revised
policy statement expressly rejecting each of the court’s bases for violations of
the Real Estate Settlement Procedures Act.
America’s Community Bankers is the national trade association committed to shaping the future of
banking by being the innovative industry leader strengthening the competitive position of
community banks. To learn more about ACB, visit
www.AmericasCommunityBankers.com.
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Copyright 1996-2002 © America’s Community Bankers. All Rights Reserved.
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