Items Tagged with 'Massachusetts Attorney General'

ARTICLES

  • Ocwen settles with Massachusetts over alleged "widespread" mortgage servicing issues

    Settlement will see Ocwen provide $2 million in restitution
    Ocwen will provide $2 million in restitution to mortgage borrowers in the state of Massachusetts as part of settlement with the state over alleged "widespread" mortgage servicing problems. The settlement brings an end to a lawsuit filed by the state against the nonbank back in May 2017, which accused Ocwen of charging homeowners for "unnecessary and expensive force-placed insurance policies," imposing "excessive fees on delinquent borrowers," and failing to "properly process escrow and insurance payments."
    Read More
  • Shellpoint reaches $4 million settlement for allegedly violating Massachusetts foreclosure laws

    Mortgage servicer will provide $3.5 million in principal reduction
    Shellpoint Mortgage Servicing will provide Massachusetts homeowners with $3.5 million in principal reductions as part of a settlement with the state for allegedly violating Massachusetts foreclosure laws and “failing to help homeowners avoid foreclosure.”
    Read More
  • HSBC agrees to $765 million settlement with DOJ over pre-crisis mortgages

    Plus $26.8 million settlement with Massachusetts
    HSBC revealed Monday that it recently agreed to a “settlement-in-principle” with the Department of Justice that would see the bank pay a $765 million civil penalty that would resolve an investigation into the bank’s mortgage origination and securitization activities from 2005 to 2007. But that's not the only pending settlement for the London-based bank.
    Read More
  • Massachusetts hits Nationstar (aka Mr. Cooper) with fine, sanctions over servicing abuses

    Accused of offering borrowers “unfair and deceptive” mortgage modifications
    Nationstar Mortgage, the nonbank now known as Mr. Cooper, allegedly put hundreds of borrowers in Massachusetts at a heightened risk of foreclosure by offering them “unfair and deceptive” mortgage modifications, the state’s attorney general said Tuesday. “Nationstar failed to stop foreclosures and this settlement gives homeowners in the hardest hit areas in Massachusetts a chance to stay in their homes,” Massachusetts AG Maura Healey said.
    Read More
  • Massachusetts becomes first state to sue Equifax over massive data breach

    AG Maura Healey: “Equifax needs to pay for its mistakes”
    Following through on a threat made last week, the state of Massachusetts is suing Equifax over the credit reporting agency’s massive data breach, which exposed the personal information of 143 million U.S. consumers to hackers. Massachusetts’ lawsuit is the first enforcement action taken by a state in the wake of the data breach at Equifax.
    Read More
  • Massachusetts planning to sue Equifax over massive data breach

    AG Healey: This may be the most brazen failure to protect consumer data ever
    Equifax, which is already facing inquiries from the Consumer Financial Protection Bureau, the House Financial Services Committee, and others over the credit reporting agency’s massive data breach, has a new problem on its hands – Massachusetts Attorney General Maura Healey.
    Read More
  • Massachusetts sues Ocwen for "abusive" mortgage servicing practices

    Massachusetts already acted to prevent nonbank from operating in state
    Massachusetts recently put Ocwen Financial out of business in the state as part of a wave of state regulators that placed various business restrictions on Ocwen for alleged rampant errors with homeowners’ escrow accounts and other issues at the nonbank, but it looks like the state isn’t done with Ocwen yet. Massachusetts Attorney General Maura Healey also announced that the state is suing Ocwen for widespread “abusive” mortgage servicing practices.
    Read More
  • HSBC to pay $4 million to settle force-placed insurance kickback charges

    Second settlement this month for HSBC
    HSBC will pay a fine of $4 million as part of a settlement with the state of Massachusetts over charges that the bank took commissions and kickbacks for force-placed insurance policies. According to the office of Massachusetts Attorney General Maura Healey, HSBC received "compensation" in connection to the force-placed insurance premiums charged to HSBC’s borrowers.
    Read More
  • Is the Massachusetts AG's run for governor compromised by GSE buyback lawsuit?

    Nonprofit CEO also co-chairs Coakley’s campaign finance committee
    Massachusetts Attorney General Martha Coakley stands accused of failing to disclose close ties between her gubernatorial campaign and a nonprofit that’s at the center of the State of Massachusetts’ lawsuit against the Federal Housing Finance Agency, Fannie Mae and Freddie Mac over buyback programs.
    Read More
  • Massachusetts sues FHFA, Fannie and Freddie over foreclosure buybacks

    Alleges GSEs violate state’s buyback rules
    Several weeks ago, Massachusetts Attorney General Martha Coakley sent a letter to Mel Watt, the director of the Federal Housing Finance Agency, saying that her office was considering legal action against the FHFA over violations of state laws allowing nonprofits to buy foreclosures and return them to the evicted homeowner. And now, Coakley hopes actions will speak louder than words.
    Read More