2016

Blog Posts in 2016

  • The Dangers of a Reverse Mortgage

    Although the number of reverse mortgages backed by the U.S. Department of Housing and Urban Development (HUD) significantly dropped in the past year, from its high of 114,412 to 57,977, there is still a concern for seniors who took out reverse ...
  • Don't Let Overspending Ruin Your Holiday

    During the holidays, we often feel the pressure of gift-giving. Not just any gift, but the perfect, in demand and, in all likelihood, expensive gift. It is a holiday so wrapped up in consumerism that much of its joy is replaced with the stress of ...
  • Earlier this year, the Consumer Financial Protection Bureau (CFPB) reported that some mortgage servicers were violating the new servicing rules with their continued use of failed technology, which harms customers. The problems were specifically found ...
  • Wells Fargo Settles TCPA Class Action

    Wells Fargo Bank recently settled a class action lawsuit that alleged they called plaintiffs on their cell phones through an automatic telephone dialing system without permission, violating the Telephone Consumer Protection Act (TCPA). The calls were ...
  • The Ninth Circuit Court of Appeals reversed a district court’s summary judgment in favor of a defendant regarding the Fair Debt Collection Practices Act (FDCPA), which requires that a debt collector must send a consumer notice about specific ...
  • Hope For Student Debtors?

    Unlike other types of debt, student loans are notoriously known for being near impossible to discharge, with the debtor given the burden of proving that repaying the loan would cause “undue hardship”. A recent court case, however, has ...
  • Trash and Lock Out - Banks Try to Bypass the Law

    If you miss a couple of mortgage payments, there are a few things a bank can legally do – from changing the locks with a court order to sending someone to check if the property has been abandoned. However, banks commonly engage in the illegal ...
  • Earlier this year, in July, Judge John Z. Lee approved a $9.25 million settlement between American Express Co., American Express Centurion Bank, and customers who claimed the company and a hired third party, Alorica, made illegal debt collection and ...
  • In Colorado, the state’s attorney general has secured a victory against a firm over alleged deceptive foreclosure practices. Two justices in the court states, though, that the practices of the firm may not have been considered deceptive after ...
  • CFPB Hearing on Debt Collection

    Debt collection is a $13.7 billion industry in the United States that employs over 130,000 people. At the Consumer Financial Protection Bureau (CFPB) Field Hearing on Debt Collection on July 28, 2016, Director Richard Cordray noted that much work ...
  • According to an insideARM article, any and all companies and debt collectors who use automatic dialing and recorded messages to contact Minnesota residents should take the time to understand Minnesota’s Automatic Dialing-Announcing Devices ...
  • Case Law Update: RESPA Claim Dismissal Denied

    In a new case, a plaintiff alleged that two defendants violated regulations set forth by the Real Estate Settlement Procedures Act. The lawsuit involves a plaintiff who from 2005 onward lived in a New Jersey residence. In 2012, the plaintiff was ...
  • Illinois has announced that it is taking after California and suspending Wells Fargo & Co. from investment and bond work, taking away their capability of handling billions of dollars. This comes after the company admitted to creating and opening ...
  • In July, an Illinois federal court approved a preliminary TCPA class action settlement between American Express and consumers who accused the company of using illegal debt collection methods including telemarketing contact through consumer cell ...
  • Foreclosures from Financial Crisis Remain

    On the National Public Radio special series Planet Money, a discussion occurred regarding the housing market crash and the foreclosure cases started during this time. These cases were abandoned, leaving the individuals dealing with the foreclosures ...