Supreme Court to Hear Disparate Impact Case
After narrowly avoiding a brush with the nation's highest court, the issue of disparate impact will be considered by the U.S. Supreme Court.
Amid fierce opposition from the financial services sector, the Department of Housing and Urban Development issued a final rule earlier this year formally establishing a three-part burden-shifting test currently used by HUD and most federal courts.
Under the rule, borrowers bear the burden of presenting a prima facie case that a lender's practices results in, or would predictably result in, a discriminatory effect based on a protected characteristic.
Former Employees Accuse BofA of Deceiving HAMP Applicants
Bank of America employees regularly lied to homeowners seeking loan modifications, denied their applications for made-up reasons, and were rewarded for sending homeowners to foreclosure, according to sworn statements by former bank employees.
Mortgage Fraud Prosecution Activity Up
Federal, state and local prosecutors picked up the quarterly pace of activity in mortgage fraud cases -- though actions were still low based on standards established since the financial crisis.
Another FHFA Victory in Fee Litigation
The conservator for Fannie Mae and Freddie Mac has scored another victory in litigation filed by local governments seeking unpaid fees.
Employee Recruitment Prompts Litigation
When a loan officer and an entire branch were recruited by one mortgage broker from a competing broker, a federal lawsuit ensued.
Servicer Admits Stealing from Wells Fargo
A servicer of loans held in mortgage-backed securities has admitted that he withheld proceeds from Wells Fargo Bank on fully paid loans and instead made monthly payments while providing bogus monthly statements showing the loans as unpaid.
Hard Money Lender Charged
|Florida Foreclosures Intensify
As U.S. foreclosure activity expanded, Florida has established itself as the absolute worst state for foreclosures no matter what metric is applied.
Criminal charges have been filed in federal court against a Washington man who allegedly used hard money lending practices and mortgage fraud to acquire residential properties.
Eminent Domain Vote Set for North Las Vegas
A controversial plan by a San Francisco company to use the power of eminent domain to seize mortgages and provide borrowers with principal reduction has already been approved by a few small California cities. The North Las Vegas, Nev., council is now considering the proposal.
OH Supreme Court Rules Against Former Evergreen President
After being convicted and sentenced, the former president of Evergreen Corp. appealed his sentence -- and it was reduced. But now the Ohio Supreme Court has overturned the appellate court decision.