LOMAS MORTG. v. LOUIS

No. 95-1956.

82 F.3d 1 (1996)

LOMAS MORTGAGE, INC., Appellant, v. Esperandieu & Antonine LOUIS, Appellees.

United States Court of Appeals, First Circuit.

Decided April 18, 1996.


Attorney(s) appearing for the Case

John J. Monaghan, with whom Deborah Paige Stone and Sherburne, Powers & Needham, P.C. were on brief, Boston, MA, for appellant Lomas Mortgage, Inc.

Gary Klein, Boston, MA, with whom National Consumer Law Center, Joseph G. Albiani and Joseph G. Albiani and Associates were on brief, Winchester, MA, for appellees Esperandieu and Antonine Louis.

Before LYNCH, Circuit Judge, ALDRICH and BOWNES, Senior Circuit Judges.


LYNCH, Circuit Judge.

At issue is the important question of whether § 1322(b)(2) of the Bankruptcy Code, 11 U.S.C. § 1322(b)(2), prevents Chapter 13 debtors from "stripping down" their primary residence mortgages when the debtors reside in a multi-family house. "Stripping down" would advantage such homeowners by permitting them to cap the dollar amount of the security interest in the home to the home's actual value rather than the higher amount of the note...

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