The Federal National Mortgage Association operates under a corporate charter, which authorizes Fannie Mae "to sue and to be sued, and to complain and to defend, in any court of competent jurisdiction...
On November 3, in a case that was closely watched by industry participants, the Florida Supreme Court held that a mortgagor's default that occurs after the dismissal of a prior foreclosure action in which the loan payments were accelerated
Despite many courts refusing to certify classes in litigation brought under the federal Fair and Accurate Credit Transaction Act (FACTA), and President Bush signing legislation that ended many of the remaining cases, plaintiffs' counsel continues to look for avenues to bring credit card suits.
Lawsuits have been filed against more than 100 companies in 2007 for violating a key provision of the Fair and Accurate Credit Transactions Act of 2003 (FACTA). These suits, which seek relief on behalf of classes of consumers, expose defendants to the risk of potentially ruinous statutory penalties.