lending
Condo Mortgages See Boost From Federal Housing Agency
The Federal Housing Administration will now back more loans for Americans interested in buying their first condominium, after announcing new guidelines Wednesday for the types of insurable financing.
Read morePrivate-Equity Firms Emerge in Warren’s Crosshairs
The private-equity industry needs a complete overhaul, Senator Elizabeth Warren said Thursday, unveiling a new policy initiative for her 2020 presidential campaign.
Read moreUsed Cars
A federal judge confirmed an arbitrator’s award of $35,000 in punitive damages against a used car dealer for having written a higher income to pressure a customer into a substantially more expensive credit deal despite having the customer’s pay stubs in its possession.
Read moreDrive-By Inspections
A class action accuses Ocwen Loan Servicing of charging homeowners for drive-by “inspections,” even when there was no report to show that an inspection occurred, in Palm Beach County Court.
Read moreFeds Say Bank CEO Bent the Rules for Trump Job
A federal indictment unsealed Thursday against Federal Savings Bank founder and CEO Stephen Calk says the ex-economic adviser to the Trump campaign tried to bribe his way into a senior position in the administration.
Read moreIllegal Loans
North Carolina claims in court Approved Financial made more than 380 illegal loans at interest rates typically between 120% and 200% though the state limit for unlicensed lenders is 16%.
Read moreDodd-Frank Act
The California Reinvestment Commission sued the Consumer Financial Protection Bureau and its director for failing to collect and publish data on loan applications for women-owned, minority-owned and small businesses, as required by the Dodd-Frank Act.
Read moreMortgages
A federal judge remanded to state court some claims in which CMG Mortgage is accused of failing to modify the homeowners’ loan after they obtained $100,000 in mortgage assistance from the Keep Your Home California state program.
Read moreWells Fargo
Reviving fair-housing claims, the 11th Circuit ruled that Miami plausibly alleged Wells Fargo’s discriminatory mortgage-lending practices injured the tax base, resulting in “a disproportionate and excessive number of defaults by black and Latino homebuyers.”
Read moreLenders Who Bought Into NFL Concussion Settlement Score Reversal
In a reversal where the court itself noted the potential for exploitation by usurious lenders, the Third Circuit ruled Friday that NFL players were entitled to trade their shares of a $1 billion concussion settlement for a quick cash payout.
Read moreRobocall Loophole Defeated at Fourth Circuit
The fight against robocalls got a boost Wednesday when the Fourth Circuit struck down a loophole carved out for the collection of federally backed loans.
Read moreTribe-Owned Pay-Day Lender Loses Bid for Immunity
An online lending company owned by the Chippewa Cree cannot invoke tribal immunity to block claims that it charged two Vermonters usurious interest rates, the Second Circuit ruled.
Read moreTelemarketing Fraud
The Federal Trade Commission accuses Avant LLC of telemarketing fraud, including failing to apply loan payments, billing clients after they paid off the loan and charging them for loans they did not authorize, “as many as 11 times in a single day.”
Read more11th Circuit Urged to Reject Challenge to Lawsuit Lending
An attorney for a legal financing company asked an 11th Circuit panel Wednesday to throw out a class action claiming agreements it reached with consumers violate Georgia’s Payday Lending Act by assessing high interest rates.
Read moreLawyers Duck Debt-Collector Liability at Supreme Court
A law firm that carried out a nonjudicial foreclosure against a homeowner who defaulted on his loan does not qualify as a debt collector, the U.S. Supreme Court ruled Wednesday.
Read moreJudge Considers $5.5B Loan for Bankrupt Wildfire-Linked Utility
SAN FRANCISCO (CN) – The judge overseeing Pacific Gas & Electric’s bankruptcy case said Wednesday he still hasn’t made up
Read moreFarm Loan Delinquencies Highest in 9 Years as Prices Slump
The nation’s farmers are struggling to pay back loans after years of low crop prices and export markets hit by President Donald Trump’s tariffs, with a key government program showing the highest default rate in at least nine years.
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