A highly contested and controversial legal defense to residential foreclosures in Maine resurfaced earlier this month with the Maine Supreme Judicial Court's decision in Finch v. U.S. Bank, N.A. Finch renewed the legal...more
An ever-expanding review of pre-foreclosure notices of default experienced its latest chapter in the First Circuit's recent decision reversing dismissal of suit in Aubee v. Selene. In Aubee, the borrowers challenged the...more
In its recent Special Edition of Supervisory Highlights on COVID-19 Prioritized Assessments, the Consumer Financial Protection Bureau (CFPB) summarized challenges and risks with respect to several industries it had informally...more
2/17/2021
/ CARES Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Coronavirus/COVID-19 ,
Financial Services Industry ,
Mortgage Servicers ,
Mortgages ,
Paycheck Protection Program (PPP) ,
Student Loans ,
Supervisory Highlights
Massachusetts moved one step closer to resolving an ongoing debate over pre-foreclosure notices of default that started with the First Circuit's decision in Thompson v. JPMorgan Chase Bank back in February of 2019. Initially,...more
We previously reported on the impact of the CARES Act on federally backed mortgage loans, including the immediate availability of a 180 – 360 day forbearance plan for borrowers impacted by the pandemic. One key feature of...more
The Consumer Financial Protection Bureau (CFPB) recently published compliance guidance—effective immediately—on the handling of information and documents during the transfer of a mortgage loan to a new servicer. Following...more
The COVID-19 outbreak has resulted in unprecedented job loss for millions of Americans, creating economic uncertainty and challenges for loan servicers in 2020. Until the outbreak is controlled, missed payments on mortgages...more
3/27/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Eviction ,
Forbearance Agreements ,
Foreclosure ,
Loan Servicing ,
Moratorium ,
Mortgages ,
Proposed Rules ,
Relief Measures ,
Student Loans ,
Tenants
Earlier this year, Hinshaw reported on a decision by the First Circuit Court of Appeals which invalidated a Massachusetts foreclosure based on the Court's determination that the mortgage loan servicer's notice of default...more
In Kirby v. 21 Mortg. Corp., the First Circuit Bankruptcy Appellate Panel examined the Kirbys' claim that the 19 written communications they received from their mortgage holder following their Chapter 7 discharge violated the...more
Last year, we reported on a Massachusetts Land Court decision, which interpreted Uniform Commercial Code section 3-309 to conclude that a mortgagee cannot foreclose in reliance upon a lost note affidavit, because the 1990...more
This past month, Washington was busy with rule changes and proposed legislation that underscores the ongoing debate over the origination and foreclosure of reverse mortgages. First, the U.S. Department of Housing and Urban...more
In Zullo v. HMC Assets, LLC, the Massachusetts Land Court has issued a judicial about-face in deciding that a mortgage holder lacks standing to foreclose if that holder never possessed the mortgagor's original promissory note...more
Shortly after taking office, President Trump issued an Executive Order to establish a policy for regulating the United States financial system under seven "Core Principles," and to order a report from the United States...more
6/20/2017
/ Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Executive Orders ,
Financial CHOICE Act ,
Financial Institutions ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
Trump Administration ,
U.S. Treasury ,
Volcker Rule
Seventh Circuit Held No Implicit Threat to Proceed to Trial by Debt Collector When Filing a Collection Lawsuit -
St. John v. CACH, LLC, No.14-2760, 2016 WL 2909195 (7th Cir. May 19, 2016) -
On May 19, 2016, the...more
6/30/2016
/ Affidavits ,
Appeals ,
Borrowers ,
Consumer Bankruptcy ,
Debt Collectors ,
Eviction ,
FDCPA ,
Foreclosure ,
Mortgages ,
Plain Error ,
TCPA ,
Third-Party Service Provider ,
Unsolicited Faxes
Plaintiff's Attempts to Turn Alleged "Clicking" and "Dead Air" into a TCPA Violation Rejected -
Norman v. AllianceOne Receivables Mgmt., Inc., No. 15-1780, 2015 WL 9286778 (7th Cir. Dec. 22, 2015) -
The Seventh...more
2/3/2016
/ Class Action ,
Debt Collectors ,
FDCPA ,
Foreclosure ,
Homeowners Association (HOA) ,
Liens ,
Mortgages ,
RI Supreme Court ,
Sales Commissions ,
Summary Judgment ,
TCPA