Philip R. Stein

Philip R. Stein

Bilzin Sumberg Baena Price & Axelrod LLP

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CFPB, DOJ Show Renewed Interest in Pursuing “Redlining” Cases

Evidence is mounting that the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) are taking a renewed interest in investigating possible redlining—the practice of lenders charging certain groups...more

5/12/2015 - CFPB Consumer Lenders Discrimination DOJ Government Investigations Mortgage Lenders Race Discrimination Redlining

Quicken Loans Takes on the DOJ & HUD

Quicken Loans, the nation’s largest Federal Housing Administration (FHA)-backed mortgage lender, filed suit on Friday, April 17 in the United States District Court in Detroit against the United States Department of Justice...more

4/28/2015 - Consumer Lenders Counterclaims DOJ FHA HUD Mortgages Quicken Loans

BofA’s Inconsistent Positions

Bank of America recently moved to dismiss a lawsuit filed by Ambac Assurance Corp. in New York state court, alleging $600 million in damages for fraudulent inducement in connection with payments it made under policies...more

3/17/2015 - Ambac Financial Group Bank of America Countrywide False Statements RMBS

New Development Opportunities Through Public-Private Partnerships

Homebuilders and developers may want to consider availing themselves of opportunities arising through public-private partnerships (P3s). The Obama administration has recently proposed several creative approaches to P3s. Those...more

3/5/2015 - Construction Industry General Contractors P3s Public-Private Partnerships QPIB Real Estate Development

Fraud Verdict Against Countrywide & BofA Upheld

BofA’s “hustling” attempt to overturn a $1.27 billion judgment against it and Countrywide—along with the individual defendant identified in the next paragraph, the “Defendants”—in the U.S. District Court for the Southern...more

2/24/2015 - Bank of America Countrywide DOJ Fannie Mae Fraud Freddie Mac Mortgage Loan Originators Mortgages

Homebuilder Series Webinar: Fiduciary Duties & Auditor Liability [Video]

Watch an in-depth Homebuilder Series webinar that discusses auditor liability and fiduciary duties. Two issues of recurring interest to company officers and directors are the potential liabilities of outside...more

2/18/2015 - Accountants Auditors Construction Industry Contractors Corporate Officers Fiduciary Duty Liability Professional Liability Third-Party Liability Webinar

Huge Settlements Between S&P, Government

2015 is leaving Standard and Poor’s (S&P) quite a bit poorer. Yesterday, the major credit rating agency agreed to pay $1.375 billion to resolve lawsuits brought against it by the U.S. Department of Justice and attorney...more

2/5/2015 - CMBS Collateralized Debt Obligations DOJ Rating Agencies RMBS S&P SEC Settlement

Supreme Court Eases Requirements for Homeowners Rescinding Mortgages

The U.S. Supreme Court recently held in Jesinoski v. Countrywide Home Loans, Inc. that borrowers exercising their right to rescind mortgages under the Truth in Lending Act (“TILA”) only need to provide written notice to...more

1/26/2015 - Bank of America Jesinoski v Countrywide Mortgage Lenders Mortgages Regulation Z Rescission SCOTUS Statute of Limitations TILA Written Notice

Fighting Back Against CFPB Demands

An increasing number of banks, mortgage lenders, auto finance companies and other financial services industry participants are dealing with inquiries, investigations and actual or threatened legal claims from the Consumer...more

1/15/2015 - Automotive Loans Banks CFPB Consumer Lenders Debt Collection Enforcement Mortgage Lenders Secured Lenders UDAAP

FHFA Orders Contributions to Housing Trust Fund

Earlier this month, the Federal Housing Finance Agency (“FHFA”) ordered Fannie Mae and Freddie Mac to begin making contributions to the Housing Trust Fund (“HTF”) and the Capital Magnet Fund (“CMF”). The HTF is a formula...more

12/24/2014 - Affordable Housing Community Development Block Grants Fannie Mae FHFA Freddie Mac Housing Trust Fund

Former JPMorgan Chase Insider Blows the Whistle

Matt Taibbi of Rolling Stone recently profiled the woman JPMorgan Chase paid one of the largest fines in American history to keep from talking in his article, The $9 Billion Witness: Meet JPMorgan Chase’s Worst Nightmare....more

12/22/2014 - DOJ Enforcement Actions Former Employee JPMorgan Chase Popular Securities Fraud Whistleblowers

The Need for Homebuilder Vigilance About Copyrights

Are homebuilders as vigilant as they should be in protecting their intellectual property rights — including the copyrights that qualifying architectural drawings and structures receive automatically as a matter of law, even...more

12/4/2014 - Architects Architectural Copyrights Construction Industry Construction Project Copyright Copyright Infringement General Contractors Popular

BofA Underwater Mortgage Cases Hit Supreme Court

The U.S. Supreme Court will hear two cases brought by Bank of America regarding whether a second mortgage on an underwater property can be voided during Chapter 7 bankruptcy. Both cases involve Florida homeowners who sued to...more

11/21/2014 - Bank of America Chapter 7 Consumer Bankruptcy Mortgage Priority Mortgages Popular SCOTUS Underwater Homeowners

Regulators Increase Scrutiny of Wall Street Lending

Federal bank regulatory agencies are significantly increasing their scrutiny of Wall Street bank lending, moving from annual reviews to a system of monthly audits in a major effort to curtail aggressive underwriting...more

10/15/2014 - Audits Banks Mortgages Repurchases Underwriting Wall Street

In The Cross-Hairs? Protecting Your Company Against Consumer Financial Protection Bureau Investigations and Investors' Mortgage... [Video]

Watch an in-depth webinar presented by Litigation Partner Philip R. Stein, about the Consumer Financial Protection Bureau's attempts to expand its jurisdiction and authority over consumer finance companies and financial...more

10/10/2014 - CFPB Consumer Financial Products Credit Reporting Agencies Enforcement Financial Institutions Jurisdiction Lending Mortgages Nonbank Firms

Editorial: Banks Can Fight Buyback Claims with a Little Help from BofA

Bank of America took a big hit when it reached a record-breaking $16.65 billion mortgage settlement with the United States Department of Justice in August. The company is likely to attempt to recoup as much of the penalty as...more

9/30/2014 - Bank of America Banks Buyback Litigation Buyback Programs DOJ JPMorgan Chase Underwriting

Servicer’s Error Leads to $16 Million Award

Kate Berry reported in American Banker and SourceMedia’s National Mortgage News on how a $616 servicing error snowballed into a $16 million jury verdict. It was reported that a jury last month awarded $514,000 in compensatory...more

8/19/2014 - Banks Loan Servicing Mortgages Punitive Damages

Zillow Acquires Trulia

This Monday, online real estate listing company Zillow announced that it will acquire its biggest competitor, Trulia, in a stock-for-stock purchase transaction. The acquisition has already raised the stock values of both...more

8/4/2014 - Acquisitions Real Estate Market Stock-for-Stock Merger

Citigroup Settles with DOJ for $7 Billion

Citigroup announced last week that it will pay $7 billion to end an investigation by the U.S Department of Justice into misconduct related to its mortgage securitization practices. The blockbuster settlement came days before...more

7/23/2014 - Attorney Generals Citigroup DOJ FDIC Mortgage-Backed Securities Mortgages Settlement

Main Street Cashes $3.1 Billion in Checks from Wall Street

With the mortgage crisis almost a decade in the rear-view mirror, some harmed homeowners are just now starting to see reparations for the transgressions of the country’s largest financial institutions. ...more

7/17/2014 - Bank of America Banks Citigroup Foreclosure Goldman Sachs JPMorgan Chase Morgan Stanley Mortgages OCC Robo-Signing Settlement Wall Street Wells Fargo

Big Banks Argue that Shorter Limitations Period Should Apply to MBS Claims

Recently, the defendants in FDIC as Receiver for Colonial Bank v. Chase Mortgage Finance Group, et al (Civ No. 1:12-cv-06166) filed a motion for judgment on the pleadings, asking the court to dismiss as time-barred the...more

7/15/2014 - Banks Extender Statutes FDIC Limitation Periods Securities Fraud

Donald Trump Sanctioned for Failure to Disclose Insurance Policy In Ft. Lauderdale Condo-Hotel Case

Last week, Judge Kathleen Williams of the U.S. District Court for the Southern District of Florida granted plaintiffs’ motion for sanctions against Donald Trump for his initial failure to disclose a relevant insurance policy...more

6/27/2014 - Condominiums Discovery Donald Trump Hotels Property Insurance Sanctions

Leading Markets Index Shows 56 Metros at or Above Normal Levels in June

The National Association of Home Builders (NAHB) recently released its Leading Market Index (LMI) on June 5th. The report revealed that out of 350 metros evaluated across the country, 56 housing markets have returned to or...more

6/12/2014 - Housing Market National Association of Home Builders

Robo-Signing Still Making Headlines As Wells Fargo Settles Another Lawsuit

“Robo-signing,” the term coined to refer to bank officials who quickly approved mortgage foreclosure documents without actual knowledge of the validity of the grounds for foreclosure, has been spurring lawsuits and making...more

6/3/2014 - Banks Foreclosure Mortgages Popular Robo-Signing Settlement Signatures Wells Fargo

Aurora Resolves Mortgage Modification Class-Action Lawsuit for $5.3 Million

A former goliath of the non-prime lending market, Aurora Loan Services, LLC (“ALS”), recently resolved a class-action lawsuit alleging that it fraudulently induced distressed California borrowers to enter into purported...more

5/29/2014 - Aurora Banks Class Action Fraud Fraudulent Inducement Loan Modifications Mortgages

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