New Foreclosure Buyback Program Seeks to Help Families Keep Their Homes

New Foreclosure Buyback Program Seeks to Help Families Keep Their Homes QUEENS — Dozens of families across the city, who were in danger of being foreclosed on may be able to keep their homes thanks to a new program — the first of its kind in the country — in which the city will buy back distressed … Read more

Wells Fargo to Start Robo-Advisery in 2017

Wells Fargo to Start Robo-Advisery in 2017 Robo-advisers typically offer investment advice online with little or no human contact| Wells plans to launch its service in first half of 2017, its chief operating officer said Wednesday ‘When you think about who would use robo-advising more often, you think about the millennials,’ he said Wells Fargo, … Read more

Freddie Mac must face revived lawsuit over subprime exposure

Freddie Mac must face revived lawsuit over subprime exposure (Reuters) – A federal appeals court on Wednesday revived Ohio’s lawsuit accusing Freddie Mac of defrauding the state’s $87.3 billion public pension fund by hiding its exposure to subprime and other risky mortgages prior to the 2007-09 financial crisis. The 6th U.S. Circuit Court of Appeals … Read more

Property Inspections by Servicers: Fraud or Contract? Homebuyers & Citi Argue

Fraud or Contract? Homebuyers & Citi Argue OAKLAND, Calif. (CN) – Lawyers for a group of homeowners clashed with Citibank attorneys at a Tuesday hearing on whether the mortgage loan servicer committed fraud by charging delinquent borrowers unnecessary fees for property inspections. In an order denying the homeowners class certification last year, U.S. District Judge … Read more

N.J. continues to lead in foreclosures as country rebounds

N.J. continues to lead in foreclosures as country rebounds New Jersey continues to lead the country in foreclosures despite a national trend showing many states recovering to pre-recession numbers. Nationwide, properties starting the foreclosure process during the first half of 2016 were down 17 percent from the same time last year, the lowest figures recorded since 2006, according to … Read more

How to Vacate A Default Judgment Over A Debt

How to Vacate A Default Judgment Over A Debt Cross posted from Loan Lawyers The vast majority of people who are sued by a debt buyer or debt collector never respond to the lawsuit in court. In fact, studies show that up to 90% of consumers facing a debt collection lawsuit never respond at all. … Read more

FDCPA 9th Circuit: HERNANDEZ V.WILLIAMS ZINMAN & PARHAM – Class Action Dismissal Reversed

FDCPA 9th Circuit: HERNANDEZ V.WILLIAMS ZINMAN & PARHAM – Class Action Dismissal Reversed SUMMARY Fair Debt Collection Practices Act The panel reversed the district court’s summary judgment in favor of the defendant in an action under the Fair Debt Collection Practices Act. The Act requires that within five days of “the initial communication” with a … Read more

GUIDING PRINCIPLES FOR THE FUTURE OF LOSS MITIGATION: HOW THE LESSONS LEARNED FROM THE FINANCIAL CRISIS CAN INFLUENCE THE PATH FORWARD

  GUIDING PRINCIPLES FOR THE FUTURE OF LOSS MITIGATION: HOW THE LESSONS LEARNED FROM THE FINANCIAL CRISIS CAN INFLUENCE THE PATH FORWARD EXECUTIVE SUMMARY This white paper has been prepared by the U.S. Department of the Treasury (Treasury) in conjunction with the U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Finance … Read more