CFPB targets zombie foreclosures

CFPB targets zombie foreclosures

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On Thursday January 22, 2015, the Consumer Financial Protection Bureau (CFPB) and the Maryland Attorney General ordered two banks to pay more the $37 million in fines for illegal payments for referrals under the guise of marketing and other agreements under the Real Estate Settlement Procedures Act (RESPA).

CFPB targets foreclosure abusePreventing foreclosure abuse by mortgage servicers is the target of new provisions in the Consumer Financial Protection Bureau’s (CFPB) federal overhaul of mortgage regulations.The rules establish new, strong protections for struggling homeowners facing foreclosureNearly a year in the making, foreclosure abuse protections were mandated by the 2010 Dodd-Frank.

Under Dodd-Frank, the CFPB was charged with implementing reforms for the financial services industry, including the mortgage servicing and foreclosure industry.[6] The CFPB enacted a number of.

Zombie foreclosures. They are also targets for vandalism and can increase the incidence of other illegal activities. "Lenders have been taking advantage of the strong seller’s market to dispose of.

“The CFPB has enhanced the section related to consumer complaints to highlight that examiners will be reviewing whether the servicer has an adequate process for expedited evaluation of complaints or.

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THE CFPB GETS THE JOB DONE. In just six years, the CFPB has been a huge success for consumers, returning nearly $12 billion to more than 29 million people who were ripped off by companies that broke the law. The CFPB holds big banks, debt collectors, and lenders accountable.

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The Consumer Financial Protection Bureau (CFPB) reportedly is paying close attention to so-called zombie title foreclosures. "Zombie foreclosures result when banks begin a foreclosure – even.

CFPB Hunting Zombie Foreclosures The Consumer Financial Protection Bureau has turned its attention to "zombie" foreclosures, as reported by Reuters. A zombie foreclosure occurs when a bank begins a foreclosure, but then abandons the process without informing the homeowner. A little bit of sanity, please Sorry I’ve been M.I.A. for awhile. It.

Next Possible CFPB Targets: Foreclosures And Law Firms Law360, New York (September 15, 2014, 11:28 AM ET) – When Congress enacted the Fair Debt Collection Practices Act in 1977, its intent was to protect consumers from "abusive, deceptive, and unfair debt collection practices."[1] At the time, Congress had in mind

Nationwide foreclosure numbers continue to trend downward, though Miami and Orlando are among the notable cities where warning signs persist. There were 55,646 foreclosure.

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