News & Analysis as of September 22, 2024

Loan Modifications › Unfair or Deceptive Trade Practices

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Loan modifications are changes made to the terms of an existing loan outside the specifications contained in the original loan agreement. In a mortgage situation, loan modifications are typically made to assist borrowers in meeting their obligations and avoid foreclosure. Such mortgage loan modifications may include reduction of principal amount or interest rate, lengthening of loan term, and monthly payment caps. less -

Razors Raise Antitrust Worries | $86 Million Mortgage Servicing Settlement | Creative Alleged Tax Avoidance

Cozen O'Connor on 12/11/2020

2020 AG Elections- Maine AG Aaron Frey was reelected to a second two-year term by a joint convention of the Maine House and Senate. California AG Xavier Becerra was nominated by President-Elect Joe Biden to lead the...more

New York legislature moves to impose new requirements on reverse mortgage industry

Hogan Lovells on 6/27/2019

Originators and servicers of HECMs who do business in New York should take action now to prepare to comply with the new bill’s requirements. Ensuring compliance may require a thorough review of commercial advertisements and...more

NY AG Secures $1.6 Million Settlement For Alleged Mortgage Relief Scheme

Goodwin on 11/7/2016

On November 2, the New York Attorney General (AG) announced a $1.6 million settlement with a debt settlement company and its principal, resolving allegations that the company violated New York’s deceptive and unlawful...more

FTC Announces Settlement with Law Firms Over Alleged Debt Relief Scheme

Goodwin on 9/7/2016

On September 1, 2016, the Federal Trade Commission (FTC) announced it entered into a stipulated order for permanent injunction against a group of regional law firms over allegations the firms violated the Federal Trade...more

CFPB Reports Continued Mortgage Servicing and Other Violations of Consumer Financial Law

Carlton Fields on 10/6/2015

In its Supervisory Highlights released earlier this summer, the CFPB reported its examination observations in consumer reporting, debt collection, mortgage origination and servicing, fair lending, and student loan servicing....more

N.D. Illinois: Bank’s HAMP Procedures Weren’t Unfair or Deceptive

Goodwin on 9/11/2015

A U.S. District Judge in the Northern District of Illinois recently granted summary judgment in favor of defendant PNC Bank on a borrower’s promissory estoppel and Illinois Consumer Fraud Act (ICFA) claims in connection with...more

Money, Dirt & Steel: Spring 2015 NC Real Property Litigation Update

Williams Mullen on 5/12/2015

MONEY: GUARANTORS CAN NOW RELY ON G.S. §45-21.36 VALUE DEFENSES - By statute in North Carolina, G.S. §45-21.36, certain obligors may defend a deficiency action where the bank is the successful bidder by arguing...more

Consent Judgments Entered Against Individuals and Law Firm Accused of Mass-Joinder Mortgage Rescue Scams

Ballard Spahr LLP on 4/20/2015

Consent judgments in a lawsuit brought by the Florida and Connecticut Attorneys General have been entered against five individuals and one law firm for their part in an alleged “mass-joinder” mortgage rescue scam....more

CFPB Issues First Enforcement Action for Servicing Rules Violations

Ballard Spahr LLP on 10/3/2014

The Consumer Financial Protection Bureau recently announced a consent order with Flagstar Bank, F.S.B., alleging unfair acts and practices under the Consumer Financial Protection Act (CFPA) and violations of the CFPB's...more

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Loan Modifications › Unfair or Deceptive Trade Practices

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