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GOLDMAN v. FIRST FEDERAL SAV. & L. ASS'N, WILMETTE

No. 74-1503.

518 F.2d 1247 (1975)

Michael T. GOLDMAN and Judith R. Goldman, Plaintiffs-Appellees, v. FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF WILMETTE, Defendant-Appellant.

United States Court of Appeals, Seventh Circuit.

Decided July 16, 1975.

Attorney(s) appearing for the Case

Richard M. Calkins, Chicago, Ill., for defendant-appellant.

Jack B. Schmetterer, Chicago, Ill., for plaintiffs-appellees.

Before SWYGERT, STEVENS and DOYLE, Circuit Judges.

STEVENS, Circuit Judge.

This interlocutory appeal raises the question whether a federally regulated mortgagee's retention of prepaid interest at the time a loan is paid in full in advance of maturity constitutes a "prepayment penalty" within the meaning of 12 C.F.R. § 545.6-12(b).1 The district court held that defendant had exacted such a penalty and, therefore, sustained plaintiffs' complaint...

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