State regulatory oversight continues, with Virginia Attorney General Mark R. Herring winning a $50 million court order, albeit by default judgment, against a pension sale company and a coalition of 42 state attorneys general...more
On December 4, 2018, one of the nation’s largest debt buyers and its subsidiaries reached a settlement with 42 states and the District of Columbia (see, e.g., announcements here and here). The settlement closes the states’...more
The Attorneys General of 42 states and the District of Columbia (collectively, the States) have entered into an Assurance of Voluntary Compliance/Assurance of Discontinuance (Agreement) with Encore Capital Group, Inc. and its...more
In This Issue: - Beltway Report - Bureau Report - Mobile and Emerging Payments Report - Mortgage and Fair Lending Report - Operations Report - Preemption Report - Privacy...more
With the mortgage crisis almost a decade in the rear-view mirror, some harmed homeowners are just now starting to see reparations for the transgressions of the country’s largest financial institutions. ...more
“Robo-signing,” the term coined to refer to bank officials who quickly approved mortgage foreclosure documents without actual knowledge of the validity of the grounds for foreclosure, has been spurring lawsuits and making...more
The CFPB announced its first public enforcement action against a payday lender—a consent order alleging, among other things, unfair and deceptive acts or practices in connection with affidavits. According to the consent...more
In Brief: - Significant jail time can result from overseeing and directing unauthorized robo-signing activities. - Victims of unauthorized robo-signing include residential mortgage servicers, in addition to...more
In This Issue: - Uniform State Test Implementation Nearing - Mortgage Servicer's Alleged Failure To Be Licensed Subjects Company to Claims under State and Federal Debt Collection Statutes - Sixth Circuit...more
Any follower of this blog or the mortgage crisis at large will — sadly — not be surprised by the seemingly never-ending news of foreclosure misdeeds by the nation’s biggest banks. Recent news reveals a particularly...more
A nationwide settlement of three class actions involving claims that a creditor’s practice of using “robo-signed” affidavits in debt collection actions violated the Fair Debt Collection Practices Act (FDCPA) has been...more
Mortgage lenders in Illinois are required to use the judicial process to obtain collateral and enter deficiency judgments against borrowers. In February 2013, Illinois crafted two new rules adding additional requirements to...more
The Sixth Circuit recently limited defendants’ ability to craft settlements that disproportionately favor the class representatives. Vassalle v. Midland Funding LLC, — F.3d –, 2013 WL 673517 (6th Cir. Feb. 26, 2013). Though...more
On February 22, 2013, the Illinois Supreme Court adopted a set of new procedural rules that will impact both residential and commercial foreclosures in Illinois. The new rules are scheduled to go into effect as early as March...more
Dubbed as the “Homeowner’s Bill of Rights,” on July 11, 2012, California Governor Jerry Brown signed into law AB 278/SB 900 marking the first U.S. state to adopt into law the residential mortgage foreclosure reform principles...more
Just over two years after the raid on the Miami headquarters of mental healthcare chain American Therapeutic Corporation (American Therapeutic), a former program director and therapist in the Ft. Lauderdale office of the...more