November 30, 2021
Congratulations to Fred Walters on being chosen as one of the “28 most powerful commercial and consumer attorneys in Missouri” by Missouri Lawyers Media in 2021!
To view the full article, click here, to view Fred’s individual listing (as shown below) click here
Walters Renwick Richards Skeens & Vaughan, Kansas City
Fred Walters has obtained an estimated $662 million in cases brought under Missouri’s Second Mortgage Loan Act.
Under that law, lenders can assess a high interest rate for second-mortgage loans, but in return they cannot employ other charges, such as fees for loan discounts, underwriting, processing or document preparation. Walters has brought numerous class-action suits in both state and federal courts alleging violations of that law, either by the loans’ originators or by the companies that bought or serviced those loans.
Examples include settlements of $92 million and $68.3 million reached in two suits in 2012; a $36 million settlement in 2003 with First Horizon Mortgage Corp.; and $22.7 million in settlements for consumers in a long-running case known as Mitchell v. Residential Funding Corp. The latter case initially resulted in a $104 million jury award in 2008. An appeals court in 2010 threw out the $99 million punitive award, however, but it allowed the $5.1 million in actual damages to stand.
Walters earned his law degree at the University of Missouri in 1973.
The POWER List: Commercial and Consumer Law 2021
Disclaimer: All material on this website is strictly informational and does not constitute legal advice or create attorney/client privilege. If you desire to become a client, please contact our office directly through e-mail, telephone or fax.
The choice of a lawyer is an important decision and should not be based solely on advertisements.