BANKING & FINANCE - June 7, 1991
From Times Staff and Wire Reports
Citibank and Citicorp Mortgage are named in a class-action suit over miscalculated adjustable-rate mortgages. The suit by Consumer Loan Advocates, a for-profit company that reviews ARMs and helps clients collect on overpayments, claims that Citicorp Mortgage’s miscalculations could represent overcharges totaling $28 million to $50 million on 47,000 current mortgages. A spokesman said St. Louis-based Citicorp Mortgage had not seen the suit and had no immediate comment.
