News & Analysis as of

Foreclosure › Fair Housing Act (FHA)

Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of... more +
Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of greater legislative and judicial scrutiny after systemic abuses were uncovered during the widespread foreclosure crisis resulting from the Great Recession. less -
Orrick, Herrington & Sutcliffe LLP

HUD Secretary Fudge resigns effective March 22

Orrick, Herrington & Sutcliffe LLP on

On March 11, Housing and Urban Development Secretary Marcia L. Fudge announced her resignation and will transition to life as a private citizen. Her statement highlighted her five decades of public service, including as a...more

Bradley Arant Boult Cummings LLP

FHA Seeks Additional Feedback on New Loss Mitigation Option for Struggling Borrowers

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On November 16, 2023, in response to comments received on a prior draft Mortgagee Letter (ML) related to a Proposed Payment Supplement Partial Claim, the Federal Housing Administration (FHA) published another draft ML titled...more

Orrick, Herrington & Sutcliffe LLP

HUD says company offering homeowner aid violated FHA

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On June 13, HUD announced a Charge of Discrimination against several entities and individuals accused of allegedly violating the Fair Housing Act by discriminating against New York City homeowners on the basis of race, color,...more

Alston & Bird

Structured Finance Spectrum – February 2023

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Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features a new year for a new UCC Article 12, a farewell to LIBOR, and an appraisal...more

Orrick, Herrington & Sutcliffe LLP

District Court grants summary judgment to bank in discriminatory lending suit

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On December 19, the U.S. District Court for the Northern District of Illinois granted summary judgment in favor of a national bank with respect to discriminatory lending allegations brought by the County of Cook in Illinois...more

McGlinchey Stafford

MBA Report Reveals Drop in Residential Mortgage Loan Delinquency Rate

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The Mortgage Bankers Association’s (“MBA”) First Quarter 2022 National Delinquency Survey revealed that the delinquency rate for mortgage loans on 1–4-unit residential properties decreased to 4.11% of all loans outstanding at...more

Snell & Wilmer

New CFPB Rules Set Out Mortgage Servicer Requirements in Response to End of COVID-19 Foreclosure Moratorium

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The Consumer Financial Protection Bureau (“CFPB”) announced post-COVID-19 mortgage servicing rules that went into effect August 31, 2021 (“Rules”). The Rules are designed to protect borrowers from “avoidable foreclosures” and...more

Lowenstein Sandler LLP

Residential Evictions: What Homeowners Need To Know - August 2021

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REMOVALS- Can I be removed from my home as a result of a foreclosure proceeding during the COVID-19 emergency? No. On March 19, 2020, New Jersey Governor Philip Murphy issued Executive Order 106, which suspended...more

Perkins Coie

Certain Foreclosure Moratoria Set to Lift on July 31

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At the close of this month, certain moratoria on foreclosures and evictions are set to lift. While prior deadlines have been extended, it remains to be seen whether another continuance will be granted amidst an increase in...more

Buchalter

Buchalter COVID-19 Client Alert: CFPB Issues Rule on Required COVID Relief Steps and Availability of Foreclosure for Residential...

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On June 28, the Consumer Financial Protection Bureau (CFPB) issued a new rule (Rule) setting forth loss mitigation/loan modification steps residential mortgage loan servicers must take in regard to mortgage loan borrowers due...more

Lowenstein Sandler LLP

Residential Evictions: What Homeowners Need To Know - UPDATED March 2021

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REMOVALS- Can I be removed from my home as a result of a foreclosure proceeding during the COVID-19 emergency? No. On March 19, 2020, New Jersey Governor Philip Murphy issued Executive Order 106, which suspended...more

Goodwin

CFPB Issues Report on Housing Insecurity and COVID-19

Goodwin on

On March 1, 2021, the Consumer Financial Protection Bureau (CFPB) issued a report titled “Housing Insecurity and the COVID-19 Pandemic” (the Report), which summarizes some of the relevant data and research on the impact of...more

Buchalter

Buchalter COVID-19 Client Alert: FHFA Extends Freddie Mac and Fannie Mae Single-Family Eviction and Foreclosure Moratoria, and...

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Buchalter’s February 16 COVID Alert reported that the federal government had extended the FHA, VA and USDA timelines for single-family foreclosure and eviction moratoria and forbearance periods to June 30, 2021. On February...more

Buchalter

Buchalter COVID-19 Client Alert: FHA, VA, USDA Foreclosure and Eviction Moratoria, and Forbearance Application Deadline, Extended...

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Following last week’s FHFA announcement extending the Fannie Mae and Freddie Mac foreclosure and eviction moratoria and their deadlines for applying for COVID-related forbearance, the White House announced on February 16 that...more

Buchalter

Buchalter COVID-19 Client Alert: FHFA Announces Extension of Time Periods for GSEs’ Foreclosure and Eviction Moratoria; List of...

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On February 9, the Federal Home Finance Agency announced extensions of time until March 31, 2021 for the Freddie Mac and Fannie Mae COVID-related foreclosure and eviction moratoria, and allowed an additional three months of...more

McGlinchey Stafford

COVID Relief Updates: Mortgages, Debt Collection, And Student Lending

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Since the beginning of the year and the change in Presidential administrations, a number of relief measures granted in response to the COVID-19 pandemic have been extended. Below are updates regarding relief measures in place...more

Lowenstein Sandler LLP

Residential Evictions: What Homeowners Need to Know- UPDATED January 2020 #2

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DESALOJOS RESIDENCIALES: LO QUE LOS PROPIETARIOS DE VIVIENDAS NECESITAN SABER- A partir del 22 de enero de 2021- REMOCIONES- ¿Me pueden remover de mi casa como resultado de un procedimiento de ejecución...more

Spilman Thomas & Battle, PLLC

Mitigating the Risk of Loss of a Delinquent Collateral Asset in the Era of Autonomous Zones

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Following the death of George Floyd during his arrest in Minneapolis, Minnesota, America experienced months of civil unrest throughout the country. It was during these protests that some began to assert that civil society in...more

Lowenstein Sandler LLP

Residential Evictions: What Homeowners Need To Know (Spanish) - UPDATED December 2020 #2

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REMOVALS- Can I be removed from my home as a result of a foreclosure proceeding during the COVID-19 emergency? No. On March 19, 2020, New Jersey Governor Philip Murphy issued Executive Order 106 , suspending evictions...more

Lowenstein Sandler LLP

Residential Evictions: What Homeowners Need To Know (Spanish) - UPDATED December 2020

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As of December 3, 2020- REMOVALS- Can I be removed from my home as a result of a foreclosure proceeding during the COVID-19 emergency? No. On March 19, 2020, New Jersey Governor Philip Murphy issued Executive Order...more

Bradley Arant Boult Cummings LLP

In the Strangest Year Ever, We’re Very Thankful and Wish You a Happy Thanksgiving

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As everyone steps away from their (home) office to celebrate Thanksgiving, we wanted to count our blessings as we review this truly remarkable and unusual year. In addition to frontline healthcare workers, good WI-FI, food...more

Lowenstein Sandler LLP

Residential Evictions: What Homeowners Need To Know - UPDATED November 2020

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REMOVALS- Can I be removed from my home as a result of a foreclosure proceeding during the COVID-19 emergency? No. On March 19, 2020, New Jersey Governor Philip Murphy issued Executive Order 106, which suspended...more

Bradley Arant Boult Cummings LLP

No Foreclosures or Evictions on Federally Backed Mortgage Loans until 2021

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Borrowers with federally backed mortgage loans facing financial difficulty can breathe a little easier today. All of the federal agencies regulating such loans have announced that they will extend the moratoriums on...more

McGlinchey Stafford

The Federal Agencies and Enterprises Extend Foreclosure Moratoriums Again

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Three federal agencies who make, guarantee, and insure mortgage loans, the Department of Housing and Urban Development (HUD)’s Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), and the Department...more

Moore & Van Allen PLLC

COVID-19 National and State Relief Efforts Focus on Single Family Mortgage Loans

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The shuttered storefronts and grounded airplanes that by now have become an all too familiar image of the COVID-19 pandemic are quickly creating a ripple effect through the U.S. economy. As unemployment rises and Americans...more

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