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Mortgages › Predatory Lending

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
Ballard Spahr LLP

Washington state “true lender” law signed, effective June 6, 2024

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After its passage by the Washington state legislature, Substitute Senate Bill (SSB) 6025, the Washington “predatory loan prevention act”, was approved by Governor Jay Inslee on March 25, 2024, with an effective date of June...more

Ballard Spahr LLP

CFPB and DOJ file lawsuit against land developer alleging predatory lending

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The CFPB and Justice Department filed a joint complaint last week in a Texas federal district court against Colony Ridge Development, LLC and three related entities (collectively, “Colony Ridge”) in which the agencies allege...more

Hudson Cook, LLP

CFPB Bites of the Month - July 2023 - Freedom, Independence, and Celebration From the CFPB

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In this month's article, we share some of our top "bites" for the prior month covered during the July 2023 webinar. Bite 10: Public Inquiry Launched into Credit Card and Loan Products for Healthcare Costs - On July 7,...more

Ballard Spahr LLP

Comprehensive CREDIT Act Moves to Senate after Passing in House

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On January 29, 2020, the House passed H.R. 3621, the Comprehensive Credit Reporting Enhancement, Disclosure, Innovation, and Transparency Act of 2020 (“Comprehensive CREDIT Act”). Sponsored by Rep. Ayanna Pressley (D-MA), it...more

Robins Kaplan LLP

Financial Daily Dose 11.19.2019 | Top Story: T-Mobile Chief John Legere to Leave Company in April

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T-Mobile chief and fan-of-magenta John Legere has announced that he’ll be stepping down in April at the end of his current contract. Legere will be succeeded by Mike Sievert, the carrier’s current president and COO....more

Robins Kaplan LLP

Your Daily Dose of Financial News

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With complaint piling up, Fannie Mae has decided to stop selling REO properties to Vision Property, the rent-to-own home business that’s been the subject of predatory-lending investigations of late....more

Best Best & Krieger LLP

Cities Can Sue Banks for Predatory Lending, U.S. Supreme Court Says

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While the nationwide economy has steadily improved since the recession, many cities are still clawing their way back to financial stability. California, in particular, was hit hard by the foreclosure crisis, leaving cities in...more

Best Best & Krieger LLP

U.S. Supreme Court Sides with Cities, Allowing Lawsuits Against Banks for Fair Housing Act Violations - Bank of America v. City of...

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The U.S. Supreme Court has given the City of Miami the go-ahead to sue banks under the Fair Housing Act for alleged racially discriminatory lending practices that resulted in increased foreclosures and fiscal harm to the...more

Hinshaw & Culbertson LLP

Supreme Court Watch: Cities CAN Sue Banks for Predatory Lending

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Over the last ten years, cities like Miami, Florida have experienced a decrease in property tax revenues, an increase in demand for police, fire and other municipal services, and an increase in foreclosures and vacancies,...more

Ballard Spahr LLP

Supreme Court Rules that Cities Can Sue Banks for Predatory/Discriminatory Lending

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The U.S. Supreme Court has ruled, by a 5-3 majority, that the city of Miami was authorized to bring lawsuits based on allegations that banks engaged in financial-crisis-era discriminatory lending. The city alleged that the...more

Pullman & Comley, LLC

Appellate Court Notes

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Supreme Court Advance Release Opinions: SC19378 - State v. Francis - SC19411 - State v. Wright - Appellate Court Advance Release Opinions: AC35949 - State v. Porter - AC36656 - State v. Gonzalez - AC36971...more

Winstead PC

Court Dismisses Fiduciary Claim Between Mortgagor and Mortgagee

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In Fornesa v. HSBC Bank USA, N.A., plaintiff sought a damage award against a defendant mortgagor for compensatory and punitive damages, based on alleged predatory lending practices. 2016 Bankr. LEXIS 2011 (S.D. Tex. May 13,...more

Manatt, Phelps & Phillips, LLP

New DoD Regs to Protect Military Families May Have Broader Impact

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In an effort to provide additional financial protections to military families, the Department of Defense (DoD) proposed amendments to its regulations that the agency said will “reduce predatory lending practices,...more

Ballard Spahr LLP

Trade groups take aim at NY Times call for CFPB action on subprime auto loans

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Two leading industry trade groups have disputed a recent New York Times editorial entitled “When a Car Loan Means Bankruptcy,” which attempted to draw parallels between subprime auto loans and subprime mortgage loans. The...more

King & Spalding

“Predatory Lending” Claims by Cities and Counties Against Financial Institutions Escalate in 2014

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Cities and counties that have experienced increased foreclosure and vacancy rates in the aftermath of the housing market crash of 2007-2008, perhaps emboldened by recent court decisions, have recently filed several new...more

Bilzin Sumberg

L.A. Sues JPMorgan Over Discriminatory Mortgage Lending Practices

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On Friday, May 30, 2014, asserting that “[i]t is axiomatic that banks should not make discriminatory loans”, the City of Los Angeles filed a two-count complaint against JPMorgan Chase & Co. in Federal Court for the Central...more

Goodwin

CFPB Releases Fair Lending Report

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The CFPB released its Fair Lending Report to Congress, which provides an update on the CFPB’s efforts with respect to its fair lending mandate. Section 1013 of the Dodd-Frank Act requires the CFPB’s Office of Fair Lending and...more

Poyner Spruill LLP

Changes of Note to Lenders From the 2013 Legislative Long Session

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During the 2013 legislative session, several new laws were passed which directly affect the banking and financial services industries. While most of these changes are relatively minor, they are certainly worth noting. Below...more

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