Over the last several years, we have posted several times about whether the statute of limitations bars remedies against lenders (and sometimes sponsors and trustees) of residential mortgages. ...more
Ten years after the financial crisis, mortgage companies and regional/local banks are still getting hit with new breach of contract and indemnification claims related to loans sold before the crisis....more
4/30/2018
/ Consumer Financial Products ,
Consumer Lenders ,
Demand Letter ,
Financial Services Industry ,
Indemnification ,
Institutional Investors ,
JPMorgan Chase ,
Mortgages ,
RMBS ,
Securities Fraud ,
Settlement
On November 1, President Trump formally did away with a Consumer Financial Protection Bureau (CFPB) arbitration rule that would have given consumers the opportunity to file class actions against banks and other companies in...more
11/3/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Federal Arbitration Act ,
Financial Services Industry ,
Richard Cordray ,
Trump Administration
The Consumer Financial Protection Bureau (CFPB) will likely be weakened by the incoming Trump administration and its Republican allies in Congress. Exactly how, and how much, remains to be seen, however—and, in the meantime,...more
12/5/2016
/ Banking Sector ,
Bonuses ,
Consumer Lenders ,
Cross-Selling ,
Financial Institutions ,
Financial Regulatory Reform ,
Fraud ,
Incentive Compensation ,
Mortgage Lenders ,
Mortgages ,
Online Marketplace Lending ,
Payday Loans ,
Popular ,
Regulatory Oversight ,
Trump Administration ,
Wells Fargo
Concerned about “increasing uncertainty surrounding regulatory oversight of these types of arrangements,” Wells Fargo is ending all of its roughly 200 mortgage marketing services and desk rental agreements with builders and...more
8/11/2015
/ Banking Sector ,
Banks ,
Borrowers ,
Construction Industry ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Institutions ,
Home Buyer ,
HUD ,
Kickbacks ,
Lenders ,
Loans ,
Mortgage Servicers ,
Mortgages ,
Real Estate Brokers ,
Real Estate Market ,
Regulatory Oversight ,
RESPA ,
Wells Fargo
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
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
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