Had the bank breached its contract with the goossens

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Reference no: EM131471664

Question: After paying First National Bank of Glenwood a fee for processing a loan, the bank made a loan to James and Laurie Goossen to purchase a home. The Goossens wanted a low interest, low down payment loan, so the loan was processed through the Wisconsin Housing and Economic Development Authority (WHEDA).

WHEDA required lenders to have any septic systems inspected. The bank normally did not require such inspection and neither the Goossens nor the bank knew it was required by WHEDA. After the Goossens moved in, the county required them to replace the improper system at their house. The Goossens sued the bank for breach of contract. Had the bank breached its contract with the Goossens?

Reference no: EM131471664

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