In the case Thomas et al. v. US Bank et al., several Missouri homeowners received high loan-to-value-ratio second mortgages from an originator, up to 125 percent of the appraised value of their homes. The mortgages were later sold to various lenders.After the originator, FirstPlus Bank, went out of business, the homeowners filed suit against the lenders, alleging that they were charged loan fees in violation of the Missouri Second Mortgage Loan Act (MSMLA), which regulates lending practices on second mortgages secured by homes located in Missouri. The district court ruled in favor of the lenders' motion to remove the case to federal court, agreeing with the lenders' argument that because the loan originator was a federally insured, state-chartered bank, the Missouri statute was completely preempted by the federal Depository Institutions Deregulation and Monetary Control Act (DIDA, 12 U.S.C. Section 1831d). On appeal, the district court's removal of the case was reversed ...
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