The U.S. Supreme Court recently held that a debtor in a Chapter 7 case cannot “strip-off” or void a wholly unsecured junior mortgage under section 506(d) of the Bankruptcy Code.
The Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) Tuesday announced a settlement with a national mortgage servicing company over charges that it engaged in illegal debt collection and loan servicing practices.
The Third Circuit Court of Appeals earlier this month reversed a lower court’s ruling in a case brought against Bank of America in which the plaintiff alleged FDCPA violations on the part of a law firm collecting on BofA’s behalf. The defendants argued that the FDCPA does not apply to attorneys engaged in the practice of law, which the Circuit panel rejected.
A group of Utah-based defendants claiming to be legal experts in loan modifications have settled Federal Trade Commission charges that they broke the law by conning consumers into paying hefty fees for worthless mortgage relief services. The five proposed orders settling the FTC’s charges ban the defendants, led by Philip J. Danielson and his company, Danielson Law Group, from offering mortgage assistance relief services and from participating in the debt relief industry.
The Consumer Financial Protection Bureau (CFPB) and the Maryland Attorney General announced Thursday that they have taken action against Wells Fargo and JPMorgan Chase for an illegal marketing-services-kickback scheme they participated in with Genuine Title, a now-defunct title company. The Bureau and Maryland also took action against former Wells Fargo employee Todd Cohen and his […]
Today, the CFPB released a report finding that almost half of consumers do not shop around for a mortgage when purchasing a home. To help with that, the Bureau published an interactive, online toolkit designed to help consumers as they shop for a mortgage.
Delinquencies continued to decline in last year’s third quarter, falling in seven out of 11 categories as the economy improved and consumers responsibly managed their finances, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin.
A recent credit report study from TransUnion found that the composition of loans that people typically carry has materially changed for both the youngest and oldest segments of the population during the last decade. Not only did economic forces prompt change, but general demographic shifts have changed the composition of outstanding credit among different age groups in the U.S.
The mortgage delinquency rate (the rate of borrowers 60 days or more delinquent on their mortgages) continued its robust decline, falling for the 11th straight quarter to 3.36% at the end of Q3 2014, according to TransUnion’s latest mortgage report.
On October 20th, shortly after the release of our last mortgage blog, FHFA Director Mel Watt announced that mortgage-finance companies Fannie Mae and Freddie Mac would start backing loans with down payments as low as 3%. This announcement has received mixed reviews to say the least.