"In some cases, we heard from consumers who said they could not even reach anyone at a company once they had paid the initial fee," said Steve Antonakes, the CFPB's deputy director.
Two federal agencies and 15 states have taken more than 40 actions against foreclosure relief operations, alleging the firms charged distressed borrowers millions of dollars in fees without following through on service.
ON HER RADAR: "The institutionalization of the single-family rental market…merits close monitoring,” says Rep. Maxine Waters, ranking Democrat on the House Financial Services Committee.
Advocates blame the securitization-financed, institutional-scale landlords for astronomical rents and poor maintenance and call for Congressional hearings and government oversight.
Borrowers with a first-lien modification and home equity line of credit could face a spike in their monthly mortgage obligations when the interest rates on both loans reset next year.
Wilbur Ross
Ocwen Financial has repurchased approximately $72.3 million in stock from WL Ross & Co., a private-equity firm in New York.
With mounting indicators clearly showing that the so-called housing recovery was just an illusion, and many housing industry pundits who formerly touted the validity of said recovery now recanting their views, there should be no doubt that we are headed for another/further housing downturn.
The Justice Department's $7 billion deal with Citigroup is likely not the last big government maneuver to penalize banks for faulty mortgage-related practices leading to the financial crisis.
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