Landmark Decision Promises Massive Relief for Homeowners and Trouble for Banks
A landmark ruling in a recent Kansas Supreme Court case may have given millions of distressed homeowners the legal wedge they need to avoid foreclosure. Landmark National Bank v. Kesler More opinions about this decision here
Assignment of a Mortgage Note Without the Mortgage in Florida and Vice Versa
In today's financial world, the law regarding the transfer of mortgage notes and mortgages in the secondary mortgage market is quite a relevant topic. Issues may arise of the effect of the assignment of a mortgage note without the assignment of the related mortgage. One may also question the effect of the assignment of a mortgage without the assignment of the related mortgage note. assignment
Nearly 1600 hundred Washington homeowners get back hidden fees and higher rates
Nearly 1600 hundred Washington homeowners will get back the hidden fees and higher rates they paid to subprime lender Novastar. The federal class action lawsuit was settled earlier this month. The settlement details were announced Thursday. KUOW's Liz Jones reports.
Ameriquest Downsizes
Tuesday's announcement comes on the heels of a $325 million nationwide settlement in January, in which ACC Capital Holding Corp. and its subsidiaries agreed to pay $295 million to consumers and make sweeping reforms of practices that states alleged amounted to predatory lending. Ameriquest also agreed to pay $30 million to 49 states and the District of Columbia for costs of the investigation or consumer education and enforcement. Ameriquest Downsizes
NAR Backpedals On Predatory Lending Stance; Will Support Bill That Lets Predators Off The Hook.
It's all in the name of the bill, stupid! Inside sources tell us that the National Assn. of REALTORS will announce support for a bill that is fiercely opposed by civil rights leaders and consumer activists.Off the hook.
homeowners from predatory lenders significantly better than current federal law. Modeled after North Carolina's successful anti-predatory lending law, the bill would eliminate existing loopholes in federal law. Lending Bill.
More U.S. Home Buyers Fall Prey to Predatory Lenders and Subprime Loan Market Grows Despite Troubles.
Two great articles about how Subprime lenders provide mortgages or home equity loans to people, including high-income borrowers, who don't qualify for conventional financing. Such lenders accept credit scores below the 620-660 threshold generally needed for prime financing and require less-stringent income documentation. And how Subprime lending (higher-interest loans to
consumers with impaired or non-existent credit histories) has been the fastest-growing part of the mortgage industry. Homeowners Fall Prey.
A Nation in Debt
All Things Considered Series Explores America's Borrowing Culture. Nation in Debt.
action. This review revealed that such actions have been effective in correcting noted violations. Audit Review.
Recent Massachusetts Federal Court Case May Spur Truth In Lending Class Actions Seeking Rescission of Mortgage Loans
A recent court decision may trigger a new wave of Truth in Lending litigation in Massachusetts. McIntosh v. Irwin Union Bank & Trust Co., 215 F.R.D. 26 (D. Mass. 2003), holds that a suit seeking rescission of a mortgage loan due to Truth in Lending Act (TILA) violations can properly be maintained as a class action. Class Actions. abn amro/island mortgage
For a free preliminary consultation CLICK HERE Is your Bank or Mortgage Lender Foreclosing? You may be a Victim of Predatory Lending Foreclosure Click Here
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