Quantcast

Distressed

The CFPB's new proposal would require servicers to offer loss mitigation more than once over the life of the loan under certain circumstances before a loan could proceed to foreclosure.
The Consumer Financial Protection Bureau issued a proposal Thursday that would institute new foreclosure protections for consumers after the agency found its previous mortgage rules didn't go far enough.
Plaintiffs advocating for spousal rights in existing Home Equity Conversion Mortgages are renewing their motion for class certification, citing circumstances surrounding two instances of foreclosures under interim government policy.

Despite policy changes that apply to new reverse mortgages, the rights for existing spouses of deceased borrowers remain unclear and subject to change until HUD and litigants agree on a final policy in line with court directives.

Continuing housing problems and increasing economic inequality are bringing illness to low-income neighborhoods. To solve the problem, policymakers and financial industry leaders need to develop programs that address the intersecting issues of health and poverty.

"The jury awarded $16 million but the judge still awarded $160,000 to someone who was not foreclosed on and that's significant," said plaintiff's attorney Stephen Foondos.
In a surprise victory for mortgage servicer PHH Corp., a California judge overturned a $16.2 million jury verdict awarded to a California homeowner in July for a botched loan modification.

BLINDSIDED: "Now we are rethinking whether we want to lend in Nevada," says Clem Ziroli, president of First Mortgage. "Our collateral has basically been robbed from us."
Mortgage lenders are threatening to halt lending on condominiums in Nevada after the state Supreme Court upheld a law allowing homeowners associations to foreclose ahead of first mortgage holders.
Already a subscriber? Log in here
Please note you must now log in with your email address and password.