Illinois Association of Mortgage Brokers v. Office of Banks and Real Estate and William A. Darr
Court of Appeals for the Seventh Circuit
1Opinion of the Court
EASTERBROOK, Circuit Judge.
The Alternative Mortgage Transaction Parity Act of 1982, 12 U.S.C. §§ 3801-06, provides that state-chartered lenders may make variable-interest home mortgage loans (called “alternative mortgage transactions”) on the same terms as federally-chartered lenders, “notwithstanding any State constitution, law, or regulation.” 12 U.S.C. § 3803(c). The Home Ownership and Equity Protection Act of 1994, codified at 15 U.S.C. §§ 1602(aa), 1610, 1639, and 1640, forbids lenders from using particular terms in home mortgage transactions. The question presented by this appeal is…
2Cases cited16 opinions
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