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Court Ruled Bank of America CAN be sued for HAMP Denials as part of Racketeering charges Homeowners who were denied HAMP, participated in a 2013 class action suit against Bank of America for non-participation in the Making Home Affordable Program, in spite of that requirement of the federal bailout. The 10th U.S. Circuit Court of…
Read MoreNEW CFPB Protection To HELP STOP FORECLOSURE of Your Home. On August 4, 2016, the Consumer Financial Protection Bureau, the entity charged with protecting consumers’ finances issued a final rule, amending the 2013 Mortgage rules under RESPA (Real Estate Settlement Procedures Act), also referred to as “Reg X”; and amending TILA (Truth in Lending Act)…
Read MoreHELOC Conversion to Amortized Loans Creating New Wave Of Defaults Many Home Equity Lines of Credit, or HELOCs, issued before the mortgage industry crash, were structured so that interest only were the required minimum payments for the first ten years, then becoming fully amortized (principal plus interest) for the next 15 to 20 years of…
Read MoreFORMER CEO OF CREDIT UNION charged with Bank Fraud Though less bank fraud is seen today than a decade ago, the numbers in individual instances can be staggering. Following an FBI conducted investigation, Sean E. Jelen, who served as CEO of Valor Federal Credit Union from July 2014 to August 2015; was recently accused of…
Read MoreBlog Article: Another Housing Bubble here in the US? Experts seem to agree that the US is headed to another housing bubble. What they do not agree on, is why. When asked if his easy Mortgage Rocket App was making mortgages too easy, Quicken Loans CEO, Jay Farner warns that mortgage originations are flat, and…
Read MoreOcwen Foreclosures frozen due to National Mortgage Settlement failure to comply Are you trying to negotiate your wrongful foreclosure or mortgage workout with Ocwen? If you are one of a group of affected borrowers, your window may have widened. Over 17,000 Ocwen loan foreclosures are on hold.Following the National mortgage settlement, an independent monitor has…
Read MoreUS JUSTICE DEPARTMENT MORTGAGE FRAUD CASE AGAINST FORMER COUNTRYWIDE CEO, ANGELO MOZILO IS DROPPED Eight years after the great recession began and Countrywide was acquired by Bank of America, the civil case against co-Founder and Former Countrywide CEO, Angelo Mozilo, has been dropped. The US Justice Department civil case alleged defrauding of investors in mortgage-backed…
Read MoreCitiBank Providing $16 million in consumer Relief Due to a July 2014 settlement, Citi has been credited with $162.7 million in relief to distressed homeowners as Citi fulfills the terms of the DOJ settlement for selling toxic residential mortgage-backed securities to investors, according to the settlement monitor’s report released in February 2016. Now Citibank has…
Read MoreRun On Force-placed Insurance Settlements? If you have ever had a bank force-place* insurance on your home, you know what they charge has been much higher than what insurance companies would have quoted to you. A rash of lawsuits against Banks and Mortgage Servicing Firms alleges several firms have been receiving Kickbacks for sending the…
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