CFPB Hated By Bankers and Beloved by Consumers

The Consumer Financial Protection Bureau (CFPB) is definitely the new kid on the  block, as far as regulators go.  It has some pretty powerful enemies, including the predictable Goldman-Sachs-JPMorganChase-Citibank-BankofAmerica-Wells-Fargo of the too-big-to-fail/too-big-to-jail swagger. When the foreclosure crisis was starting, circa 2008 and 2009, causing apocalyptic shock waves in my state, Arizona, among many others, I […]

TARP Watchdog Report Calls Out Loan Servicers and Treasury for Massive HAMP Failures

The SIGTARP’s latest report to Congress issued July 29, 2015 chastises Treasury for its failure to question and punish loan servicers for their dismal HAMP numbers.  Servicers who participate in HAMP are paid incentives, and are “required to offer HAMP modifications to all eligible homeowners.” Servicers “must follow the HAMP rules” and “Treasury has an […]

Ninth Circuit Issues Common Sense Decision on Applicability of Pleading Tender in Truth in Lending Rescission Case

Merritt v. Countrywide Financial Corp., 09-17678 (9th Cir. July 16, 2014).      “Automatically to require tender in the pleadings before any colorable defense has been presented would encourage creditors to refuse to honor indisputably valid rescission requests, because doing so would allow the security interest to remain in place absent tender,” Judge Marsha Berzon wrote for […]

Bank of America and Urban Lending Solutions: Match Made in Hell for Homeowners

Urban Lending Solutions did contractor work for Bank of America on modifications.  Earlier, we wrote a series regarding the testimony via affidavits of former ULS employees, who described a toxic policy towards homeowners. This excerpt is from a Bloomberg article by Hugh Son, full piece here: Paperwork Requests Instead of helping homeowners as promised under […]