Buchanan v. Century Federal Savings & Loan Ass'n

PRICE, Judge:

This action was commenced by the filing of a complaint in equity by thirty-six named plaintiffs on behalf of themselves and all similarly situated mortgage borrowers against twenty-nine lending institutions.1 The plaintiffs sought various relief on claims arising out of the lending institutions’ requirement that mortgagors pay, in addition to amounts due *41for principle and interest each month, an amount equal to one-twelfth of the aggregate annual real estate taxes and hazard insurance premiums, hereinafter termed escrow payments.2 The lending institutions involved pay no interest…