Residential Real Estate Antitrust & Trade Regulation

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Banking & Financial Services E- Note - October 2015

Last week the Federal Trade Commission ("FTC") issued its muchanticipated Staff Guidance on what sort of supervision states should provide to regulatory boards in order for those boards to qualify for antitrust...more

FTC’s New Interpretation of Hart-Scott-Rodino Investment Property Exemption May Disrupt Industries Structured Around Prior...

The Federal Trade Commission’s Bureau of Competition Premerger Notification Staff has announced that Hart-Scott-Rodino Rule 802.5 (the “investment rental property exemption”) will no longer be available if the buyer...more

FTC Provides Annual Financial Acts Enforcement Report to CFPB and Federal Reserve

On June 9, the FTC announced that it has provided to the CFPB its 2014 Annual Financial Acts Enforcement Report. The report highlights the FTC’s enforcement, research, rulemaking, and policy development activities with...more

FTC provides 2014 enforcement report to CFPB

The Federal Trade Commission has provided its annual Financial Acts Enforcement Report to the CFPB covering the FTC’s enforcement activities in 2014 related to compliance with Regulation Z (Truth in Lending), Regulation M...more

National Mortgage Servicer Pays CFPB and FTC $63 Million to Settle Claims Over Alleged Servicing Violations

On April 21, 2015, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) announced a joint enforcement action and joint order with a national mortgage servicer. ...more

CFPB Goes Public and Steps Up Enforcement Activity

The Consumer Financial Protection Bureau (CFPB) recently announced what may be its boldest move yet: a $63 million enforcement action in coordination with the Federal Trade Commission (FTC) against Minnesota-based mortgage...more

CFPB and FTC Announce Settlement with National Mortgage Servicing Company

On April 21, the CFPB and the FTC announced a joint enforcement action against a national mortgage servicing company, ordering the company to pay roughly $63 million in relief and penalties for allegedly mishandling home...more

DOJ Announces Real Estate Investor’s Guilty Plea to Foreclosure Bid Rigging and Fraud Conspiracies

On April 2, the DOJ announced a guilty plea by a Northern California real estate investor to charges of bid rigging and fraud conspiracy at foreclosure auctions in violation of the Sherman Act. The charges are the outcome of...more

FTC Settles with Texas-Based Mortgage Company Over Mortgage Relief Scams

On March 5, the U.S. District Court for the Western District of Texas approved a settlement agreement between the FTC and a Texas-based mortgage relief company and its owners (Defendants) to resolve allegations that they...more

DOJ Criminal Cartel Enforcement: Six-Month Summary

This is the first in what we expect to be a series of updates on DOJ criminal actions in the cartel area. Here, we look at highlights over the last six months in the DOJ’s investigations of the auto parts industry, LIBOR, and...more

Antitrust Claims Survive Motions to Dismiss in the New Jersey Tax Lien Bid-Rigging Class Action

The plaintiffs’ antitrust claims in the New Jersey municipal tax lien auction bid-rigging class action may proceed, the federal judge presiding over the litigation has ruled. New Jersey municipalities hold public...more

Dodd-Frank News: October 2014: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

In This Issue: - RECENT CASES .. Mortgage Servicing Rules .. Antiretaliation Provision ..Credit Default Swaps Antitrust Litigation ..CFPB Involvement in Litigation - IN THE...more

FTC Targeting Deceptive Advertising of Mortgage Lead Generators

The Federal Trade Commission’s (FTC) recent complaint against Intermundo Media, LLC (Intermundo) alleging deceptive marketing tactics under the FTC Act and Mortgage Acts and Practices – Advertising Rule (MAP Rule)...more

Federal Appeals Court Upholds District Court Order Barring Telemarketers From Selling Mortgage And Debt Relief Programs

This month, the U.S. Court of Appeals for the Sixth Circuit issued a decision to uphold the District Court of Northern Ohio’s earlier ruling prohibiting the defendants from selling false mortgage assistance and debt relief...more

Mortgage Lead Generator Will Pay $500,000 to Settle FTC Charges about False Ads

On September 12, a mortgage refinancing lead generator, Intermundo Media, LLC (doing business as Delta Prime Refinance), agreed to pay a $500,000 civil penalty, among other things, to settle the FTC’s allegations that the...more

Feds, States Sweep Country for Mortgage Relief Scams

In an enforcement sweep dubbed “Operation Mis-Modification,” the Federal Trade Commission (FTC), Consumer Financial Protection Bureau (CFPB), and 15 state Attorneys General have targeted “foreclosure relief scammers that have...more

New Circular to Relax the Filing Process for Foreign-Invested Real Estate Enterprises

In June 2014, the Ministry of Commerce (“MOFCOM”) and the State Administration of Foreign Exchange (“SAFE”) jointly promulgated the Circular Concerning Improvement of Filing Process for Foreign Invested Real Estate...more

CFPB, FTC, And State Authorities Coordinate Action Against Foreclosure Relief Companies

On July 23, the CFPB, the FTC, and 15 state authorities coordinated to take action against foreclosure relief companies and associated individuals alleged to have employed deceptive marketing tactics to obtain business from...more

“Operation Mis-Modification” Targets Foreclosure Relief Companies

The CFPB continues to ramp up its enforcement actions and its collaboration with state AG offices as part of the new “Operation Mis-Modification.” The CFPB, the FTC and fifteen states announced a series of lawsuits...more

Banks Cannot Solve Their “Toxic Asset” Problems by Forcing Bad Loans and Real Estate on Unrelated Borrowers

In the wake of the post-2008 “Great Recession,” many financial institutions were left holding an odoriferous bag of non-performing loans and bank-owned real estate (“REO Property”) resulting from foreclosures on collateral....more

Mortgage Lead Generator To Pay $250,000 in FTC Settlement on Deceptively Advertised Mortgage Rate Charges, Inc., a Houston, Texas-based mortgage lead generator, will pay the Federal Trade Commission $250,000 under a settlement announced earlier this month of claims it operated mortgage lending websites that...more

CFPB and FTC Representatives Speak at Symposium on Fine Print

CFPB General Counsel Meredith Fuchs and CFPB Assistant General Counsel for Law and Policy Anne Zorc spoke last week at the Georgetown Consumer Law Society and Citizen Works’ symposium entitled “Making the Fine Print Fair.”...more

Auction Rigger Enters Guilty Plea

A thirty-seventh individual pleaded guilty to participating in a conspiracy to rig bids and commit mail fraud at public real estate foreclosure auctions in Northern California. The guilty plea, entered on Monday, November 4,...more

FTC Settles First Mortgage Advertising Rule Enforcement Action

The Federal Trade Commission recently announced a settlement of its first enforcement action under its Mortgage Acts and Practices - Advertising Final Rule (MAPR)....more

FTC Obtains Settlement Regarding Marketing Of Mortgage Refinancing Services To Servicemembers; Announces First Settlements In...

On June 27, the FTC announced that a mortgage broker will pay a $7.5 million civil penalty to resolve alleged violations of the agency’s Telemarketing Sales Rule (TSR) and Mortgage Acts and Practices – Advertising Rule (MAP...more

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