News & Analysis as of September 23, 2024

Loan Modifications › Student Loans

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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 -

All Consuming - Financial Litigation Insights: Issue 6, September 2020

Spilman Thomas & Battle, PLLC on 9/24/2020

Morrisey, Other AGs Reach $330 Million Agreement with Student Loan Company - "West Virginia Attorney General Patrick Morrisey and 47 other attorneys general have reached a $330 million, multistate agreement with a student...more

Massachusetts AG Settles with Student Debt Relief Company Over Alleged Illegal Fees

Goodwin on 9/7/2016

On September 1, 2016, the Massachusetts Attorney General (“AG”) announced a settlement with a student loan debt relief company, over allegations the company charged illegal fees to enroll borrowers in income-based repayment...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

No Summer Vacation for Student Lending Companies as Enforcement Activity Continues

Goodwin on 9/1/2015

Student lending continues to remain in the crosshairs of federal and state consumer finance regulators during the summer months, with over five enforcement actions and investigations in recent weeks. As covered in both...more

Dodd-Frank News: June 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

Burr & Forman on 6/26/2015

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

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