United States v. Chicago Mortgage Bankers Ass'n
District Court, N.D. Illinois · 1954-06-30 · cited 1×
The case involved the United States suing the Chicago Mortgage Bankers Association and its member corporations under Section 4 of the Sherman Act, alleging a combination and conspiracy to suppress competition among members in making mortgage loans and to stabilize rates and charges in the Chicago area, focusing primarily on FHA mortgages. After a bench trial where the government presented only documentary evidence and the defendants offered witness testimony, the court made findings of fact that the evidence was inadequate to establish any contract, combination, or conspiracy to restrain trade, that many alleged practices had been discontinued years earlier, and that the association's code of ethics provisions on advertising and loan solicitation did not restrain trade or have any adverse effect on interstate commerce. The court concluded that the defendants had not violated Section 1 of the Sherman Act, as there was no intent or effect to restrain trade, and dismissed the complaint.