In Ocwen Loan Servicing v. Robert M. Berry, the Fifth Circuit vacated and remanded a summary judgment granted in favor of Ocwen Loan Servicing ("Ocwen") in relation to a Texas home equity loan. In 2007, Robert Berry took out a home equity loan with […]
The value of modified home loans serviced under Fannie Mae and Freddie Mac guidelines could be diminished by a March 9, 2017 ruling against JP Morgan Chase Bank in Fried v. JP Morgan Chase & Co., No. 16-3069, 2017 WL 929752 (3d. Cir. Mar 9, 2017 […]
In the summer of 2016, Builders Bank of Chicago, Illinois was informed that its Camels rating—a risk-profile metric assigned by banking regulators—had reached a 4. This is the threshold at which a financial institution is considered a "problem […]
"First-in-the-nation" regulations issued by the New York Department of Financial Services ("NYDFS") which require that financial services companies implement cybersecurity programs are effective March 1, 2017 and will phase in over a period of two years […]
This blog previously addressed the Consumer Financial Protection Bureau's ("CFPB") complaints database. Each week the CFPB receives and publishes thousands of consumer complaints about financial products and services. But what if financial services […]
Federal regulators have issued an advance notice of new proposed cybersecurity standards. The notice invites comment on enhanced cybersecurity standards for regulated entities with total assets of $50 billion and certain of their service providers. The […]
Lots of people and companies buy old debt—for example, hedge funds, private equity firms, and even some commercial bank affiliates. Typically, this is debt that the original creditor has charged off and sold for a fraction of the legal balance. […]
Should community and regional banks operating outside of New York care about the proposed regulation? Yes. There are at least three reasons why. The bottom line is that the proposed regulation calls for tighter cybersecurity standards and may have long […]
In Daugherty v. Convergent Outsourcing, Inc., the Fifth Circuit Court of Appeals held that a collection letter that is silent as to litigation, but which offers to “settle” a time-barred debt without acknowledging that such debt is judicially unenforceable […]
The Consumer Financial Protection Bureau (“CFPB”) issued its final rule setting forth amendments and clarifications to mortgage servicing regulations on August 4, 2016. The final rule will implement new servicing regulations including the following […]
In Martin v. Federal National Mortgage Association, No. 15-41104 (5th Cir. Feb. 22, 2016), the Fifth Circuit issued its fourth opinion in recent months rejecting a borrower's assertion that a mortgage servicer waived acceleration of a loan by engaging […]
Jeff Heck ("Heck") sued CitiMortgage, Inc. ("CitiMortgage") over CitiMortgage's failure to allow his purchase of real property at a non-judicial foreclosure sale after Heck successfully bid on the foreclosure property, was given 20 minutes to obtain […]