Home Equity

News & Analysis as of

Homestead Exemption Cannot be Denied on Equitable Grounds

Arizona’s homestead exemption allows a person to protect from certain creditors up to $150,000 of their equity in their residence (dwelling house, condominium, or mobile home). A.R.S. § 33-1101 et seq. This homestead equity...more

Federal, State Prudential Regulators Issue HELOC Guidance

On July 1, the OCC, the Federal Reserve Board, the FDIC, the NCUA, and the Conference of State Bank Supervisors issued interagency guidance on home equity lines of credit (HELOCs) nearing their end-of-draw periods....more

Texas Supreme Court Allows Capitalization Of Interest, Fees, Escrow Items For Home Equity Loan Modifications

On May 16, The Texas Supreme Court held that the state constitution does not prohibit the restructuring of a home equity loan as long as the original loan met constitutional requirements and terms of the original extension of...more

Bank Obtains Dismissal Of Surviving Heir’s Reverse Mortgage Class Action

On January 3, the U.S. District Court for the Northern District of California dismissed with prejudice a putative class action alleging a bank breached its Home Equity Conversion Mortgage Deed of Trust and HUD regulations by...more

DOJ and SEC File Suits Against Bank of America

Stop me if you have heard something like this before. The Department of Justice announced a civil lawsuit on Tuesday alleging that Bank of America defrauded buyers of mortgage-backed securities by lying about the quality of...more

Court Issues Opinion On Home Equity Lending And Agency Determinations

In The Finance Commission of Texas v. Norwood, the Texas Supreme Court determined that an agency's interpretation of legislation was not outside the review of the courts. No. 10-0121, 2013 Tex. LEXIS 491 (Tex. June 21, 2013)....more

Texas Supreme Court Holding Requires Lender-Retained Fees To Be Factored Into Home Equity Loan Fee Cap

On June 21, the Texas Supreme Court invalidated state regulations that defined “interest” with regard to home equity loans to exclude lender-retained fees and allowed home equity loan closings through an agent....more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - June 28, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - CONSUMER FINANCE - SECURITIES - CREDIT CARDS - PRIVACY/DATA SECURITY - CRIMINAL ENFORCEMENT -...more

Texas Supreme Court Issues Decision in Home Equity Case: Next Steps

In 2003, the Texas Constitution was amended to permit the issuance of interpretations relating to the home equity provisions of the Constitution. A lender acting in compliance with these interpretations would have a defense...more

Texas Supreme Court: Discount Points are Subject to Fee Cap for Home Equity Loans and Lines of Credit

In a decision that likely will have a dampening effect on the home equity lending market in Texas, the Texas Supreme Court ruled on June 21, 2013, that lenders are prohibited from treating discount points and lender fees as...more

Texas Supreme Court Issues Long-Awaited Ruling on Home Equity Lending

Due to the complexity of home equity laws in Texas, including the potential forfeiture of principal and interest for even an innocent violation, lenders have always needed to proceed with caution when making home equity loans...more

TILA Prohibition on Mandatory Arbitration Provisions in Mortgage Agreements Takes Effect June 1, 2013

The Consumer Financial Protection Bureau has enacted a new rule that will prohibit the inclusion of mandatory arbitration provisions and waivers of federal statutory causes of action in consumer mortgage and home equity loan...more

Bankruptcy in Arizona’s Improving Economy

Things have been bad for a long time. Here in Arizona bankruptcy filings have been near 40,000 per year for several years. However, this year things seem to be improving. Bankruptcy filings are down – significantly. That...more

Should You Pay Off Credit Cards with the Equity in Your Home?

How soon we forget. Just yesterday I was flipping through a magazine and I saw an ad by a credit union that was offering to help you pay off your credit card debt with a Home Equity Line of Credit (HELOC). Here in Arizona...more

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