![]() ![]() On June 25–26, the Federal Reserve Board (Board), the Federal Deposit Insurance Corporation (FDIC), and the Interagency Minority Depository Institution (MDI) ![]() There is a Federal Register notice announcing the comment period extension. HMDA data collected by financial institutions in 2018, which was released The extension is intended to provide commenters with the opportunity to review the The ANPR also solicits comments on the requirement that institutions report certain business- or commercial-purpose Under the HMDA final rule issued in October 2015. On June 27, 2019, the Bureau announced that it extended the comment deadline from July 8 to October 15 on its recentĪNPR that is evaluating whether to make changes to the HMDA data fields that institutions are required to collect Rulemaking (ANPR) relating to the Home Mortgage Disclosure Act (HMDA). Bankruptcy is not always the best option, but it is often the most powerful option.Consumer Compliance Outlook: Third Issue 2019 News from Washington: Regulatory UpdatesĬonsumer Financial Protection Bureau (Bureau) extends the comment period on its Advance Notice of Proposed If you are experiencing the pains of dealing with an incompetent or dishonest servicing company, consider all of your options, including options found in the federal bankruptcy laws. That means that the lender has no recourse against the homeowner for nonpayment, and the property is eligible for loan modification. ![]() A mortgage arrears may be repaid over three to five years under court supervision, and without threat of an unannounced foreclosure.Ī Chapter 7 debtor may discharge a personal obligation on a home loan while retaining the right to modify post-discharge under HAMP. Most jurisdictions allow a bankruptcy debtor to strip away an unsecured junior lien against a home in a Chapter 13 case. For many consumers, the power found in the federal bankruptcy laws is a more certain and permanent option. Litigation is costly and time-consuming, and also carries some risk since not every consumer lawsuit is successful. When a mortgage servicer will not play fair, there are few options. When he tried to resolve the matter, his letters to PHH went unanswered (violating federal law) and his calls were routed to overseas customer services staff who couldn’t answer his questions. Army sergeant David Brash to credit agencies as “seriously delinquent” despite the fact that all his mortgage payments had been automatically deducted from his paycheck. In 2011, PHH was hit with a $20 million jury verdict from a Georgia federal court for improperly reporting U.S. In December, 2013, the New Jersey Attorney General announced a $6.25 million settlement with PHH to resolve allegations that the company misled financially struggling homeowners who sought loan modifications or other help to avoid mortgage delinquency or foreclosure. The CFPB is seeking a civil fine, a permanent injunction to prevent future violations, and victim restitution. In January, 2014, the Consumer Financial Protection Bureau initiated an administrative proceeding, alleging PHH harmed consumers through a mortgage insurance kickback scheme that started as early as 1995. This is not the first time PHH has been in the news. Stand in line because we’ve got a busload of attorneys that are on retainers.” When Linza complained and threatened litigation, he was told, “We’re a multi-billion dollar company. PHH first told Linza his new payment was $2,350 per month, then demanded an extra $7,056. According to Linza’s attorney, PHH agreed to a loan modification that reduced Linza’s monthly payments from $2,100 to $1,543, which would take effect in January 2011. Linza filed bankruptcy in 2009, then worked with PHH for a home loan modification. Like many others in Yuba County, California, homeowner Phillip Linza ran into some financial trouble after purchasing his home in 2006. Mortgage servicer PHH Mortgage Corporation is in the news again, this time on the losing end of a $16 million jury verdict. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |