Legal
Class Action Against Chase for OKing Early Withdrawals
A year ago, JP Morgan Chase Bank agreed to pay over $11 million to settle a class action lawsuit alleging Chase improperly charged interest on paid off mortgages insured by the Federal Housing Administration (FHA). Now Chase is facing a new class action lawsuit proposed by angry homeowners in Wisconsin, alleging that JP Morgan Chase…
Read MoreCedar Band Corporation Sued HUD Over FHA Mortgage Assistance Program Changes
On April 18, 2019, US Department of Housing and Urban Development (HUD) issued a clarification of interpretation letter to lenders; Mortgagee Letter 19-06. The letter’s purpose was to clarify documentation requirements when a homebuyer is receiving down payment money from another person or entity. It was immediately effective, referring to effective date for case numbers…
Read MoreTax Liens are No Longer on Your Credit Report!
Tax Liens are no longer reported on Credit Reports on any of the Three Bureaus, Equifax, Experian or Transunion. In 2017, nineteen complainants filed against Equifax due to the harm suffered as a result of inaccurate tax lien information reported on their credit. In 2017 half of tax liens were removed, in 2018 all tax…
Read MoreForeclosure Down…and Up for 2018
Year-end mortgage foreclosure data released by Attom data Solutions showed U.S. Foreclosure activity dropped to a thirteen (13) year low in 2018. In spite of this good news, there were areas that suffered higher foreclosure rates in the same period. Among those with rising foreclosure rates, Texas, Michigan and Florida were among the highest in…
Read MoreMr. Cooper, formerly Nationstar, Settlement with Massachusetts – Fines, Sanctions and Modifications
Author: Pat Enoch Mr. Cooper Bank, formerly known as Nationstar, agreed to a settlement of $500,000 to be paid to the state of Massachusetts, and millions of dollars of relief in the form of direct payments and mortgage loan modifications to hundreds of homeowners in Massachusetts. This settlement follows a suit filed by Massachusetts Attorney…
Read MoreFormer Fannie Mae REO Foreclosure Specialist indicted for Accepting Bribes
Given the recent market volatility, the accusation against former Fannie Mae REO Foreclosure Specialist, Shirene Hernandez, is no longer a leading story. But Homeowners losing their homes to foreclosure can’t overlook this issue. Banks have been accused of mortgage fraud, robo-signing, foreclosure fraud and more. When have you heard charges against Fannie Mae (FNMA)? Now…
Read MoreWells Fargo Unprecedented Fine Caps Growth-Stock Price Tumbled
Wells Fargo Unprecedented Fine Caps Growth-Stock Price Tumbled Monday, February 5, 2018 was a bad day on the stock markets. For Wells Fargo Bank, it was much worse. Wells Fargo shares tumbled 9.2% on Monday — their biggest single-day drop since the financial crisis. Janet Yellen’s last act as Chair of the Federal Reserve, was…
Read MoreBank of America and Wells Fargo Closing the Gender Pay Gap
Bank of America and Wells Fargo Closing the Gender Pay Gap In the last decade, Bank of America and Wells Fargo have been accused, and settled for loads of cash much wrongdoing – robo-signing, fraudulent foreclosures, mishandling of loans etc. It is good to see something positive about both banks. Following Gender Pay Gap Shareholder…
Read MoreAnother FHA Lender Settles False Claim Suit, for $11.7 Million
Last Month the US Department of Justice (DOJ) settled its suit against Louisiana based IberiaBank for $11.7 Million for FHA Mortgages that were falsely certified as FHA compliant. 20% of that settlement was split between two whistleblowers. Meanwhile, lenders are complaining that FHA isn’t trustworthy. Wait, who misrepresented the loans as FHA compliant? While Ben…
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