In many ways echoing last year’s Consumer Financial Protection Bureau challenge, shareholders of Fannie Mae and Freddie Mac took on the authority of the federal agency that oversees the mortgage giants Wednesday in a Supreme Court battle implicating billions of dollars.
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A New York appeals court appeared skeptical on Friday morning about reviving Manhattan District Attorney Cyrus Vance’s fraud prosecution of Paul Manafort, whose similar federal charges led to claims of double jeopardy.
Read moreThe Consumer Financial Protection Bureau raised the thresholds at which financial institutions are required to report mortgage loans under the Home Mortgage Disclosure Act, so that “thousands of lending institutions will become exempt from reporting HMDA data, undermining the effectiveness of HMDA in achieving its statutory purposes,” the National Community Reinvestment Coalition claims in a federal complaint.
Read moreThe Ninth Circuit upheld the fraud conviction of former Washington state auditor Troy X. Kelley, who was charged with stealing $2.9 million when he ran a mortgage services company from 2005 to 2008.
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An attorney for a former resort executive sentenced to 40 years in prison for a $300 million vacation rental scam asked an 11th Circuit panel Thursday to either reverse the judgment against him or grant him a new trial.
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Merely referring to a national law in a contract is not enough to make a consumer credit agreement clear, Europe’s top court held Thursday.
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California Governor Gavin Newsom delivered a dose of good news for homeowners on Wednesday, announcing the nation’s largest banks will voluntarily freeze mortgage payments for 90 days on families mired in the Covid-19 crisis.
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Courts in the European Union can adjust contracts such as mortgage loans that are unfair to consumers if they violate national laws, even if they don’t violate EU rules, an adviser to Europe’s highest court said Thursday.
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With a ruling that left both banks and consumers claiming victory, Europe’s highest court on Tuesday waded into a legal dispute over allegedly unfair home mortgage plans Spanish banks used during a housing boom that imploded with the 2008 financial crisis.
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At the height of the 2008 economic collapse, then-New York Mayor Michael Bloomberg said the elimination of a discriminatory housing practice known as redlining was responsible for instigating the meltdown.
Read moreA federal class action in Pittsburgh claims that Wells Fargo Bank’s failure to properly calculate borrowers’ attorneys’ fees in the Home Affordable Modification Program resulted in at least 625 improper foreclosures.
Read moreA nonprofit news organization blocked from running bus ads on racial disparities in mortgage lending urged the Third Circuit on Wednesday to rule against a transit authority’s advertising policy.
Read moreThe Trump administration has unveiled its plan for ending government control of Fannie Mae and Freddie Mac, the two giant mortgage finance companies that nearly collapsed in the financial crisis 11 years ago and were bailed out at a cost to taxpayers of $187 billion, which has been repaid.
Read moreThe SEC claims in federal court that Michael C. Hild, 43, of Richmond, Va., pocketed “more than $24 million in compensation which was funded wholly or substantially by the ill-gotten gains” that his co-defendant company Live Well Financial “obtained through its mismarking scheme” involving bonds and reverse mortgages.
Read moreReversing, a California appeals court found that Wells Fargo’s mortgage modification contract was ambiguous, as the borrower claims, about the bank’s ability to demand a balloon payment after completion of the temporarily lowered mortgage payments.
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It’s 11:30 in the morning and Antonio Díaz begins shouting at the top of his lungs. He hollers at the towering court building, condemning the judges and prosecutors behind the walls and rows of glass windows. His hands and body tremble in rage.
Read moreNomura Securities International will pay $25 million to settle two related complaints of failing to supervise traders in mortgage-backed securities, the SEC said.
Read moreHit with a $750,000 verdict in favor of a man whom officers tackled and Tasered at a sheriff’s sale, Philadelphia fought at the Third Circuit on Monday for a reversal.
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Already convicted federally on a host of financial crimes, former Trump campaign chairman Paul Manafort pleaded not guilty Thursday to related criminal charges by New York authorities.
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