Read Consumer Protection updates, news, and legal commentary from leading lawyers and law firms:
Is Edward Snowden a Whistleblower?
Unique Privacy Concerns for Mobile Apps
Instapundit: America's IP Laws Need to be "Pruned Back"
Bill on Bankruptcy: Trustees Sleep Easy after High Court Ruling
Could This Law School Ranking Unseat US News?
Bill on Bankruptcy: Kodak Plan Bumps the Debt, Craters Stock
Tips for Mobile App Privacy Compliance
Bill on Bankruptcy: Easterbrook Turns the Tide on Student Loans
Bill on Bankruptcy: Stockton May Win the Battle, Lose the War
Buchheit: Cyprus Could Need a Second Bailout
Bill on Bankruptcy: Sigmund Freud, Marx Brothers, Bernie Madoff
Craft Beer Boom in Michigan
Law Prof: I May File Law School Ethics Charges
Monster Energy Drink Accused of Teen Death
A New World for Mortgage Banking – What You Need to Know About the CFPB’s Final Mortgage Servicing Rules
Beware of Notarios
What’s Next from the CFPB
Weekly Brief: Lawyers Laid Off After Foreclosure Settlement
Dean: There's No Oversupply of Lawyers
Jennifer Abril on The Story of Fragrances
Defendants allegedly adopted a uniform practice designed to maximize fees assessed on delinquent borrowers’ accounts.
As part of the scheme, Defendants “formed an enterprise with their respective subsidiaries, affiliates,...more
SIX FORMER BOA EMPLOYEES TESTIFY THAT BOA MODIFICATION AND FORECLOSURE SPECIALISTS WERE PAID AND INSTRUCTED TO LIE TO HOMEOWNERS, PAID WITH GIFT CARDS IF THEY SUCCESSFULLY THREW THE HOMEOWNER INTO FORECLOSURE AND WERE...more
Bank of America was found to LACK STANDING to Foreclose.
It turns out that Chase never paid for anything. While it could be argued that they assumed the liability on billions of dollars in deposits, they also got the...more
Attached is an affidavit of a senior loan collector for BOA that was filed in United States District Court for the District of Massachusetts under case number MDL 2193.
Simone Gordan stated the following under oath:
This decision is important because of the reasoning, the logic and most importantly the application of New York law. Virtually all the REMIC trusts were common law trusts formed under New York law for a lot of reasons. So...more
I learned recently some rather extraordinary news: my firm is currently the only mortgage risk management firm in the country offering testing of a Residential Mortgage Lenders and Originator’s (RMLO’s) Anti-Money Laundering...more
Attorney General Eric T. Schneiderman filed a lawsuit against HSBC Bank USA and HSBC Mortgage Corporation (USA) for failing to follow state law related to foreclosure actions, putting homeowners at greater risk of losing...more
The Offices of Inspector General for the U.S. Department of Housing and Urban Development and the Federal Housing Finance Agency (HUD-OIG and FHFA-OIG) have produced this report on “real estate owned” (REO) properties. REO...more
The Federal Reserve's Minimum Standards for Prioritization and Handling Borrower Files with Imminent Foreclosure Sale.
The Federal Reserves guidance is significant because it applies to all regulated bank servicing, rather...more
Office of the Comptroller of the Currency’s Minimum Standards for Prioritization and Handling Borrower Files Subject to Imminent Foreclosure Sale for all OCC Regulated Banks.
The OCC guidance is significant because it...more
Senator Elizabeth Warren Pushes Feds For Answer On Big Bank Enforcement
WASHINGTON — Sen. Elizabeth Warren (D-Mass.) raised the stakes of her quest to find out why a single Wall Street bank has not been prosecuted in the...more
Yesterday, the Federal Housing Finance Agency (FHFA) announced that it is directing Fannie Mae ("Fannie") and Freddie Mac ("Freddie") to limit their future mortgage acquisitions to loans that meet the requirements for a...more
New York Attorney General Eric Schneiderman To Sue Wells Fargo & Bank Of America For Violating National Mortgage Settlement...more
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
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
(Link to Complaint)
Apr 23, 2013
A judge has denied Deutsche Bank AG's bid to dismiss a lawsuit by the city of Los...more
My sources tell me that the Consumer Financial Protection Bureau (CFPB) will soon announce substantial monetary penalties and other administrative actions against a large nonbank. I guess it is inevitable that when such an...more
FRAUD, NOT MISTAKES AND ERRORS, HAVE PERMEATED THE FORECLOSURE PROCESS IN AMERICA
When judges begin ordering the accounting and financial books and records of the
alleged owner of a borrower’s note to be produced, not...more
On March 22, 2013, the Maryland Court of Appeals clarified the meaning of an "endorsement in blank" on mortgage notes, saying that physical transfer without additional endorsement stamps gives the loan servicer standing to...more
The Federal Trade Commission continues to keep Fair Credit Reporting Act (FCRA) enforcement at the forefront of its activities, as shown by its recent warnings to operators of six websites that provide information about...more
For several months, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) has implemented a spate of enforcement actions against banks and non-banks. My interest in this article is neither to re-litigate those cases...more
Have you heard of the Eaton case in Massachusetts? If you are facing foreclosure and think you may have a defense, especially if you believe the bank may not own the note and the mortgage, you should read this post. In...more
A new survey of housing counselors in California reveals that banks are violating several consumer protections that were mandated by the $26 billion National Mortgage Settlement (NMS) and the California Homeowners Bill of...more
THE HONORABLE ABRAHAM KHAN OF THE LOS ANGELES SUPERIOR COURT OVERRULES BANK OF AMERICA'S DEMURRER TO QUIET TITLE, CANCELLATION OF INSTRUMENT, ACCOUNTING AND DECLARATORY RELIEF AND DENIES JUDICIAL NOTICE OF THE DEED OF TRUST...more
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