2013

Blog Posts in 2013

  • Ocwen is the latest mortgage servicer to enter into a consent order with the CFPB and 49 of the 50 states. Ocwen is being held accountable for its illegal mortgage servicing practices which include: "unfair shortcuts, unauthorized fees, ...
  • Los Angeles Sues Everyone

    Well, not quite. The city of Los Angeles has filed lawsuits against Wells Fargo, Citigroup, and Bank of America for discriminatory lending practices that led to a wave of foreclosures in Los Angeles. The lawsuits allege that the banks engaged in a ...
  • CFPB's Mortgage Disclosure Rules Need Work

    I normally applaud the CFPB for its aggressive regulation and its attempts to expand its regulatory reach. When the CFPB first started rolling out proposed mortgage disclosure forms, I was excited. The required disclosures are one of the most ...
  • If a loved one has died and left his or her home to you, the gesture may seem overwhelming for numerous reasons. First, you may be struggling with the emotional elements of this kind of gesture. Second, you may be questioning whether you will keep ...
  • When you file for bankrupcty, you are required to disclose all of your assets and liabilities. Most people think of assets as things (tangible or intangible) that they currently own that are worth money. The U.S. Bankruptcy Code says differently. An ...
  • The CFPB has issued a request for comments regarding debt collection practices. This is the first step in the CFPB's rule making process. The CFPB is seeking comments and anecdotes relating to the debt collection industry. It seeks information ...
  • Amending The Fair Debt Collection Practices Act

    On October 30, 2013, U.S. Representative Steve Cohen (D-TN) introduced H.R. 3402, the Fair Debt Collection Improvement Act. The bill was referred to committee. This does not mean that the bill will ever make it to the House Floor. From 2011-2013, ...
  • Bank of America Liable For Mortgage Fraud

    On October 23, 2013, Bank of America was found liable for civil fraud in a federal lawsuit filed in New York. The U.S. Department of Justice brought the suit against B of A based on bad home loans sold to Freddie and Fannie. The loans, which were ...
  • Over the last two weeks, we have seen the Too Big To Fail banks agree to some rather large settlements for a wide variety of lawsuits. Currently, the JP Morgan Chase proposed $13 billion settlement is the largest. Chase was sued by New York Attorney ...
  • Updates on the National Mortgage Settlement

    Early in 2012, five banks agreed to a $25 billion mortgage settlement after being accused of a number of improprieties resulting in the nationwide foreclosure crisis, including failing to negotiate in good faith with homeowners. The settlement funds ...
  • The Telephone Consumer Protection Act, Consent, And You

    In general, when you apply for a credit card, an automobile loan, or a home loan, you are consenting to being called by the creditor. Most creditors use automated phone dialing systems to call their customers. Auto dialers allow a customer service ...
  • Are Judges Trending Pro-Homeowner?

    The New York Times ran an article on Saturday that takes a look at judges that are taking a critical view of banks in foreclosure matters. As one might expect, the cases discussed in the article are from East Coast states--New York and Massachusetts. ...
  • A New Path To Home Ownership

    I just read an article on Dennis Rodkin's blog about Hyperion Homes, a company with a new approach to renting and purchasing homes. Hyperion works with people who do not have the credit to obtain a mortgage. Hyperion does not provide financing. ...
  • A sudden and unexpected serious injury or illness can catch anyone off guard. In fact, this particular scenario inspires more Americans to file for bankruptcy and foreclosure than any other financial difficulty. Medical debt can quickly become ...
  • According to AG Madigan's complaint, the Illinois Attorney General's Office is aware of over 200 complaints from Illinois consumers against Safeguard concerning the removal of personal property from their homes. The entire complaint is worth ...