De Phillips v. Mortgage Associates, Inc.

Plaintiffs brought this action in the circuit court of Cook County on their own behalf and as a class action on behalf of others similarly situated. In one count, plaintiffs sought to enjoin defendant from increasing the interest rate on their executed mortgage and to have the documents purporting to increase the rate of interest declared null and void. In the other count, plaintiffs sought to compel defendant to remit a mortgage discount received by defendant at the time of the closing of the mortgage transaction.

In January, 1968, plaintiffs executed a real estate contract to purchase a home…