Shepard v. Ocwen Federal Bank, FSB

The majority holds the statute of limitations for plaintiffs’ claims under Chapter 24 (N.C. Gen. Stat. § 24-1 et seq.) had expired and therefore plaintiffs’ complaint was properly dismissed. For the reasons which follow, I respectfully dissent from the majority opinion.

Plaintiffs brought their action alleging the loan origination fee, charged by defendant and rolled back into plaintiff’s high-end second mortgage loan was usurious and illegal under Chapter 24. There are two statutory penalties for usury in N.C.G.S. § 24-2 and each penalty *483has a two-year statute of limitations. See N.C. Gen.…