Opinion ID: 544790
Heading Depth: 2
Heading Rank: 1

Heading: On the Joinder Question

Text: 7 The loans and promissory notes signed by all the members of the plaintiffs' class originated when they borrowed money from Land Bank Equity Corporation, a Virginia corporation. All of the notes and the settlement papers signed by the borrowers were, in all essential respects, similar to each other. All of them included a large number of discount points, usually in the range of 20 to 38 points, service charges or origination fees, and other charges which, if they were not paid for actual services rendered by or on behalf of the Land Bank Equity Corporation, might result in the collection by Land Bank of interest in an amount which appellees claimed to be usurious under the applicable Georgia statutes. 8 Land Bank packaged the loans and sold them to savings and loan institutions around the country. Appellants purchased these loans at the full value of the remaining balance of the principal at the time of the purchase. They received none of the benefits from the discount points and charges made by Land Bank. The trial court ordered Land Bank joined as a defendant, but this order was stayed because Land Bank was then in bankruptcy. 9 The notes and contracts of each of the named plaintiffs were purchased by one of the several named defendants. None of the named plaintiffs has ever dealt with, or had contact with, any other named defendant with respect to Land Bank loans.