The CARES Act provided historic, temporary relief to mortgage holders facing Covid-19-related financial troubles. R. Aaron Chastain, partner at Bradley Arant Boult Cummings LLP, looks at where mortgage lenders and servicers...more
11/10/2020
/ Borrowers ,
Business Ownership ,
CARES Act ,
Coronavirus/COVID-19 ,
Financial Distress ,
Financial Services Industry ,
Forbearance Agreements ,
GSE ,
Homeowners ,
Mortgage Servicers ,
Mortgages ,
Relief Measures
The CFPB’s April 1, 2020, statement regarding credit reporting for loans affected by COVID-19 announced a “flexible supervisory and enforcement approach during this pandemic.” In addition to guidance regarding furnishing...more
We’ve been tracking regulatory developments related to credit reporting for loans where borrowers have been affected by the coronavirus outbreak. On April 1, the CFPB issued a statement about credit reporting for loans...more
Although the major federal banking and consumer lending regulatory industries have issued a joint statement indicating “that financial institutions should work constructively with borrowers and other customers in” areas...more
The Seventh Circuit Court of Appeals struck a blow to student loan servicers’ arguments that certain state law claims brought by borrowers are preempted under the Higher Education Act (HEA). In a lengthy opinion issued on...more
7/2/2019
/ Appeals ,
Disclosure Requirements ,
Federal Student Loans ,
Financial Services Industry ,
Government-Guaranteed Loans ,
Higher Education Act ,
Loan Servicer ,
Misrepresentation ,
Preemption ,
Reversal ,
State Law Claims ,
Student Loans
As attorneys representing the financial services industry well know, the financial crisis of 2007-2008 resulted in a wave of foreclosures across the country as borrowers struggled to make payments on their mortgages.
The...more
Last week, the U.S. Court of Appeals for the Ninth Circuit issued a significant decision in favor of lenders and mortgage servicers fighting off claims that their mortgage liens were extinguished by Nevada homeowners...more
8/28/2017
/ Banking Sector ,
Fannie Mae ,
Financial Services Industry ,
Foreclosure ,
Freddie Mac ,
HERA ,
Homeowners Association (HOA) ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Perfected Security Interest ,
Preemption
On July 31, the Consumer Financial Protection Bureau (CFPB) issued a public bulletin intended to provide guidance to covered persons and service providers who take payments from consumers using pay-by-phone services and...more
The United States Supreme Court issued a significant decision in Henson v. Santander Consumer USA, Inc. drastically restricting the universe of companies subject to potential liability under the Fair Debt Collection Practices...more