Decisions In Civil Suits Re Indian Territories Parent S Idea Suit Mortgage Related Ponzi Scheme
In Jones v. ABN Ambro Mortgage Group, Inc., No. 08-2353, the Third Circuit dealt with a plaintiffs’ suit against mortgage loan companies asserting claims for a declaratory judgment, negligence, and violation of the Real Estate Settlement Procedures Act (RESPA), arising from a mortgage loan-servicing Ponzi scheme. First, the court held that the plaintiffs’ negligence claim was properly dismissed as the duty imposed on the defendants in this case was by contract rather than by “law as a matter of social policy....