Articles Tagged with ''New York Attorney General''

New York sues rent-to-own operator Vision Property Management for predatory lending

Claims company operated “illegal, unlicensed mortgage-lending business”
The New York Department of Financial Services and New York Attorney General Letitia James announced recently that the state is suing Vision Property Management, one of the nation’s largest operators of rent-to-own homes, and the company’s CEO, Alex Szkaradek, for allegedly operating an “illegal, unlicensed mortgage-lending business profiting from predatory subprime home loans at the expense of some of the most vulnerable New Yorkers.”
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NY attorney general opposes Ditech sale, announces investigation into reverse mortgage business

Files brief with court claiming unlawful abuse of homeowners’ rights
As the battle over Ditech's bankruptcy and subsequent sale of its mortgage channels rages on, New York’s top legal officer is weighing in. Attorney General Letitia James filed a brief in court this week expressing her objection to Ditech’s bankruptcy plan on the grounds that it fails to protect borrowers in foreclosure. "Ditech's action is an illegal attempt to strip hundreds of homeowners of their legitimate claims," James said.
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New York using $9 million from RBS settlement to fight zombie homes

“Zombie 2.0” initiative will give cities more money to fight blight
Continuing a fight that stretches all the way back to 2014, the state of New York is set to give its cities millions more in funding to address the glut of “zombie homes” that still blight many communities throughout the state. According to the office of New York Attorney General Letitia James, the money for these latest grants comes from the state’s $500 million settlement with RBS for the bank’s "deceptive mortgage bond practices."
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RBS meets $400 million consumer relief goal by handing out $130 million in relief

Bank completes consumer relief portion of its $500 million settlement with New York
Just six months after the Royal Bank of Scotland reached a $500 million settlement with the state of New York over the bank’s mortgage practices in the run-up to the housing crisis, RBS has reached the settlement’s $400 million consumer relief goal, by providing just under $130 million in actual relief.
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Federal judge finalizes $25 million Trump University settlement

Schneiderman: Victims of fraudulent university will finally receive relief
Participants in President Donald Trump’s failed real estate school will soon be able to receive their share of the $25 million settlement Trump reached with the state of New York back in 2016. New York Attorney General Eric Schneiderman announced Monday that District Court Judge Gonzalo Curiel issued an order that finalizes the settlement, which stemmed from a lawsuit filed by Schneiderman’s office in 2013.
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UBS reaches $230 million settlement with New York over toxic mortgage bonds

Required to provide $189 million in consumer relief
For the second time this month, the state of New York has reached a massive settlement with a bank that ends in “BS.” First, RBS reached a $500 million settlement with the state. Now, UBS agreed to a $230 million settlement covering UBS' mortgage bond activities in the run-up to the financial crisis.
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RBS reaches $500 million settlement with New York over crisis-era mortgage practices

Will provide $400 million in consumer relief to state’s residents
New York Attorney General Eric Schneiderman announced this week that RBS agreed to a $500 million settlement with the state for the bank’s “deceptive practices and misrepresentations to investors in connection with the packaging, marketing, sale, and issuance of residential mortgage-backed securities” leading up to the financial crisis.
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Morgan Stanley completes $400M consumer relief obligation for $3.2B mortgage settlement

Settlement required company to provide relief to New Yorkers
Morgan Stanley recently completed its $400 million consumer relief obligation that is part of the $3.2 billion mortgage bond settlement it reached last year. The settlement covers Morgan Stanley’s “deceptive” mortgage bond practices in the run-up to the financial crisis and requires the company to provide consumer relief for New York residents affected by the company’s alleged actions.
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New York Attorney General pushes Experian and Transunion for answers on cybersecurity

Eric Schneiderman questions companies' security after Equifax breach
New York Attorney General Eric Schneiderman is already investigating the massive data breach at Equifax that exposed the personal information of 143 million U.S. consumers. Now, New York’s top cop wants to make sure that a similar incident doesn’t take place at the other two of the big three credit reporting agencies – Experian and Transunion.
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CFPB, House Financial Services Committee begin investigating Equifax data breach

Congressional hearings are coming
The fallout from Equifax’s massive data breach that exposed the personal information of 143 million U.S. consumers is just beginning. In the wake of the company’s announcement, the Consumer Financial Protection Bureau, the House Financial Services Committee, and the office of New York Attorney General Eric Schneiderman stated that each is launching an investigation into the breach.
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