Consumer Protection Civil Procedure Residential Real Estate

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Can You Keep Up? Emergence of CFPB and Significant Developments Transform Consumer Finance Landscape

In the wake of the 2008 financial crisis, Congress passed significant financial system reform legislation, the Dodd-Frank Act, which created a new regulator of financial institutions, the Consumer Financial Protection Bureau...more

We’ve Only Just Begun - Lessons From the CFPB’s First 35 Enforcement Cases

Few agencies have generated as much controversy as the Consumer Financial Protection Bureau. The brainchild of Senator Elizabeth Warren when she was still a professor and the product of the Dodd-Frank Wall Street Reform and...more

New Mexico Supreme Court Analyzes State’s Foreclosure Standing Requirements, Ability To Repay Standard

On February 13, the New Mexico Supreme Court held that a borrower’s ability to repay a home mortgage loan is one of the “borrower’s circumstances” that lenders and courts must consider in determining compliance with the New...more

California Amends its Anti-Deficiency Statute

As of January 1, 2014, California amended its anti-deficiency statute to stop mortgage lenders from “collecting” from homeowners on post-foreclosure debts. Although the amendments were designed to tackle a purely...more

Dodd Frank Act: The Arrival of the ‘Ability to Repay’ Lending Restrictions

The days of exotic mortgage programs like “no doc” and balloon loans may be over. Earlier this month, the long awaited (and by many lenders and experts, dreaded), lending restrictions codified in the Dodd Frank Act...more

Lead Paint Companies Hit With Billion Dollar Judgment in California Public Nuisance Case

In a decision with potentially far-reaching impacts, a California state court has ordered three major paint companies to pay $1.15 billion to clean up lead paint in homes throughout California. People v. Atlantic Richfield...more

Ohio Appellate Court Rejects Mortgage Servicing Class Action, Finds Foreclosure Actions Are Not “Consumer Transactions” Under The...

Yesterday, the Eighth District Ohio Court of Appeals affirmed the dismissal of a putative class action raising claims against a noteholder, mortgage servicer, and law firm under Ohio’s Consumer Sales Practices Act (“CSPA”)....more

In Case You Missed It - Three Cases Impact W.Va. Consumer Finance Law

Confirmation of the W.Va. Attorney General's Authority to Hire Private Counsel on Behalf of the State - For more than a decade, the circuit courts in West Virginia have wrestled with the issue of whether the State...more

Pennsylvania Supreme Court Holds that Scope of Act 6 Is Limited to Loans or Use of Money

For the first time, the Pennsylvania Supreme Court has addressed the important issue of whether, and to what extent, Pennsylvania's Loan Interest and Protection Law (Act 6) may be used as the basis for claims that do not...more

CFPB files second amicus brief in First American RESPA case

Last year, many observers were disappointed when the U.S. Supreme Court dismissed the appeal in First American Financial Corp. v. Edwards, the case that presented the issue of whether a plaintiff who brings a RESPA claim has...more

Arizona’s Broad Anti-Deficiency Protection Confirmed

The non-judicial foreclosure process affords banks and lenders a relatively “cheap” means of executing on their collateral in the event of a borrower’s defaults. That cheaper process comes at a price, however. Arizona has a...more

Real Property, Financial Services & Title Insurance Case Law Update: Week Ending September 27, 2013

I. FLORIDA STATE CASES - ILAN NIEUCHOWICZ - Foreclosure/Standing: certifying to Florida Supreme Court as question of great public importance whether a plaintiff in a foreclosure action may cure inability to prove...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - August 25, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - E-COMMERCE - Excerpt from Mortgages: FHFA Plans...more

THOMAS A. GLASKI, v. BANK OF AMERICA N.A OPINION ORDERED PUBLISHED on 8/8/13 Author: Franson, Jr., Donald R.

THOMAS A. GLASKI v BANK OF AMERICA SECOND AMENDED COMPLAINT RE: Borrower May Challenge The Securitized Trust's Claim to Ownership

IN THE COURT OF APPEAL OF THE STATE OF CALIFORNIA FIFTH APPELLATE DISTRICT OPINION ORDERED PUBLISHED ON 8/8/2013 Re: Borrower May Challenge The Securitized Trust’s Chain of Ownership CERTIFIED FOR PUBLICATION IN THE...more

THOMAS A. GLASKI, v. BANK OF AMERICA N.A OPINION ORDERED PUBLISHED on 8/8/13 Author: Franson, Jr., Donald R.

IN THE COURT OF APPEAL OF THE STATE OF CALIFORNIA FIFTH APPELLATE DISTRICT OPINION ORDERED PUBLISHED ON 8/8/13 Re: Borrower May...

IN THE COURT OF APPEAL OF THE STATE OF CALIFORNIA FIFTH APPELLATE DISTRICT OPINION ORDERED PUBLISHED ON 8/8/13 Re: Borrower May Challenge The Securitized Trust’s Chain of Ownership Glaski v. Bank of America, N.A. Case...more

LPS Mortgage Monitor July 2013 Mortgage Performance Observations

The June Mortgage Monitor report released by Lender Processing Services (NYSE: LPS) found that the nearly 10 percent spike in the national delinquency rate reported in the company’s “First Look” at mortgage performance was...more

CAROL COKER v. JP MORGAN CHASE BANK, N.A., et al., Re: California law prohibits a deficiency judgment following either a foreclosure sale or short sale

CAROL COKER v. JP MORGAN CHASE BANK, N.A. Re: California Law Prohibits a Deficiency Judgment following either a Foreclosure Sale...

The California Court of Appeal, Fourth Appellate District, held in a case of first impression that a section of California law that prohibits a deficiency judgment following a foreclosure on a purchase money loan similarly...more

Eighth Circuit TILA rescission decision rejects CFPB position

The Eighth Circuit has now joined the Tenth Circuit in ruling that notice alone within the three-year period is insufficient to validly exercise a right to rescind....more

New York AG Signals Crackdown On Bank Foreclosure Practices

On June 4, New York Attorney General Eric Schneiderman (AG) announced a lawsuit against a major financial institution for allegedly violating state law by failing to timely file in foreclosure cases “requests for judicial...more

Legal aid group files FOIA appeal with CFPB seeking release of mortgage complaint narratives

MFY Legal Services, an organization whose services include providing free legal assistance to New York City residents, has appealed the CFPB’s decision to withhold mortgage complaint narratives it requested pursuant to the...more

Dodd-Frank News - May 2013: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Introduction - Recent Cases ..Amendments to Preemption Standards ..TILA Statute of Limitations ..Dodd-Frank Amendments to RESPA ..Whistleblower Protection ..Say-on-Pay...more

Ohio Supreme Court Holds Mortgage Servicing Not Subject To Consumer Sales Practices Act

On May 14, the Ohio Supreme Court held in response to two certified questions from a federal district court that the Ohio Consumer Sales Practices Act (CSPA) generally does not apply to mortgage servicers and servicing....more

Mortgage Banking Update: 10th Circuit: Law Firm Not Required To Flag Erroneous Credit Reports in Foreclosure Proceeding

A law firm hired to foreclose on a property was not required under the Fair Debt Collection Practices Act (FDCPA) to inform a credit reporting agency of erroneously negative credit reports on the borrower, even if the firm...more

KEVIN SINGH v BANK OF AMERICA

MEMORANDUM AND ORDER GRANTING Plaintiff’s Application for a Preliminary Injunction under California's Homeowners Bill of Rights...

California Homeowner Bill of Rights (HBOR) Blocks Bank of America's Foreclosure A California man successfully halted a foreclosure sale on his property using the newly minted California Homeowner Bill of Rights to obtain a...more

CONGRESSIONAL BUDGET OFFICE (CBO) RE Options for Principal Forgiveness

Modifying Mortgages Involving Fannie Mae and Freddie Mac: Options for Principal Forgiveness

The Congressional Budget Office is accepted as a non-partisan agency which has torpedoed both Democratic and Republican proposals on the economy. Upon request from Congress, the CBO studied the mortgage and foreclosure market...more

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