Bank of America Practices Force Homeowners to Face Foreclosure
By Cynthia Martinez AUSTIN, Texas – June 30, 2010 – Fifteen low-income Texans are suing Bank of America for operating a home loan system that forces struggling homeowners into foreclosure by purposefully misleading them, preventing them from modifying their loans, and ignoring agreements for lower monthly payments. Represented by Texas RioGrande Legal Aid (TRLA), the … Read more
It’s All About the Principal: Preserving Consumers’ Right of Rescission Under the Truth in Lending Act
Abstract: This Article explores a significant market-based threat to the Truth in Lending Act’s right of rescission, a remedy that attempts to deter lender overreaching and fraud during one of the most complex financial transactions of a borrower’s lifetime. The depressed housing market has substantially impaired many borrowers’ ability to fulfill their responsibilities in rescission’s … Read more
Home Affordable Modification Program HAMP – Program Update and Resolution of Active Trial Modifications
January 28, 2010 TG-516 Administration Updates Documentation Collection Process and Releases Guidance to Expedite Permanent Modifications WASHINGTON – As part of the Administration’s ongoing housing market stabilization plan, the U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released updated guidance for servicers participating in the Administration’s mortgage modification … Read more
Second Chances Subprime Mortgage Modification and Re-Default
Federal Reserve Bank of New York Staff Reports Mortgage modifications have become an important component of public interventions designed to reduce foreclosures. In this paper, we examine how the structure of a mortgage modification affects the likelihood of the modified mortgage re-defaulting over the next year. Using data on subprime modifications that precede the government’s … Read more
Lender’s Refusal to Modify Loan May Have Violated Borrowers’ Fifth Amendment Right of Due Process
LYNNE HUXTABLE and JEFFREY A. AGNEW, Plaintiffs, v. TIMOTHY F. GEITHNER, et al., Defendants. Case No. 09cv1846 BTM(NLS) UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF CALIFORNIA December 23, 2009, Decided December 23, 2009, Filed OPINION ORDER DENYING MOTION TO DISMISS On [*2] September 21, 2009, Defendants National City Bank and PNC Financial … Read more
