The Pennsylvania Supreme Court held that a Philadelphia homeowner was not entitled to attorneys’ fees under a PA consumer protection law because filing affirmative defenses doesn’t qualify as filing an “action” under the law. In Bayview Loan Servicing LLC v. Rodger Lindsay, 15 EAP 2017, in response to a foreclosure complaint, a borrower alleged

The Federal Deposit Insurance Corporation has reported that bank profits are down, in part, due to litigation costs. FDIC Chair Martin Gruenberg said that significant legal expenses are pushing down average industry profits. There are, of course, other variables causing the profit decrease. However, it is clear that litigation costs are having an impact.

Reuters had reported that the U.S. Justice Dept. will file several lawsuits alleging mortgage fraud against financial institutions in 2014. AG Eric Holder told Reuters that his agency would use the JPMorgan Chase case as its model for future lawsuits. These cases stem from a White House task force. One possible target is Bank of

The U.S. Department of Housing and Urban Development told Congress it could not  say if the Federal Housing Administration would insure new mortgages in communities including Richmond, California that propose to seize home loans through eminent domain. “Pending legal developments and possible further execution of the plans in question, HUD does not know whether any

U.S. Rep. John Campbell, R-Orange County, has reintroduced a bill that would limit the ability of municipalities to use eminent domain to seize underwater mortgages. The proposed Defending American Taxpayers from Abusive Government Takings Act would also prevent Fannie Mae and Freddie Mac from buying any home loans seized by eminent domain. The legislation is

The city of North Las Vegas has entered into an advisory agreement with Mortgage Resolution Partners. This entity promotes the concept of local governments using the power of eminent domain to seize underwater mortgages from investors for the purpose of restructuring them.
In response the Securities Industry and Financial Markets Association, the Association of Mortgage

According to the firm RealtyTrac, national foreclosure filings fell to a six-year low in January. The report states that foreclosures dropped 7 percent in January from December 2012, with foreclosure activity down 28 percent from January 2012. It further found that U.S. bank repossessions dropped 5 percent from the previous month and were down 24

Loans involving properties in the path of Hurricane Sandy will certainly be delayed according to National Mortgage News. In addition to the obvious business interruption, many properties will need to be reappraised to determine if the Hurricane caused a decrease in property value. Given the volume of reappraisals, the loan process will be severely impacted. David Stevens, president

The New Jersey Department of Banking and Insurance performed 173 examinations of mortgage licensees in 2011. According to National Mortgage News, these examinations concluded that 90 percent of the mortgage firms had some type of violation. The examinations showed a total 4,347 violations, or 25 per examination. The most common violations were deficiencies in loan

The New Jersey Department of Banking and Insurance performed 173 examinations of mortgage licensees in 2011. According to National Mortgage News, these examinations concluded that 90 percent of the mortgage firms had some type of violation. The examinations showed a total 4,347 violations, or 25 per examination. The most common violations were deficiencies in loan