In a giant sweep against foreclosure relief scammers, the CFPB, FTC and 15 states are filing a handful of lawsuits against companies and individuals that collected more than $25 million in illegal advance fees with false promises to prevent foreclosures.
One of housing’s biggest financiers BlackRock plans to jump into the fight over the financial future of Detroit, lodging a court filing that could allow it to put its legal muscle behind an effort to help bondholders.
The Justice Department and other federal and state agencies are looking into bubble-era bank practices surrounding issuance of RMBS, going on what Clayton Holdings attorneys characterized as a "fishing expedition" in response to a government subpoena.
The CFPB left the grace period open-ended and most in the industry interpreted that to mean that it will last throughout the rest of 2015, at least. Unfortunately, as welcome as that grace period is, TRID remains a costly and complicated fix that has enormous implications for the whole industry..
“Bad letters damage the brand,” Katherine Porter says. “There’s a contagion effect of this. I think bad letters are unjust. They disproportionately harm the borrowers we need to help the most.” Read More
The answer may be found somewhere between commandeering the entire process and “throwing it over the fence.” For lenders, paying more attention to the source of the data and information used in finalizing settlement (title searching, valuation and the like) could hold the key. This means data reporting collected in a more robust, accurate and verifiable fashion. Read More