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January 2018 Article Archive

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The Federal Reserve Terminates Anemic Enforcement Actions Allowing Fraudulent Foreclosure Practices to Continue
livinglies.wordpress.com | January 12, 2018
The Federal Reserve is wrapping up its ineffective sanctions against the five U.S. banks who were accused of improper handling of post-crisis mortgage foreclosures.
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A Pathetic Slap on the Wrist: PHH will pay $45 Million over Mortgage Servicing Failures. Those Wrongfully Foreclosed Eligible for $840 Payment
livinglies.wordpress.com | January 3, 2018
PHH, a loan servicer, will pay $45 million as part of a nationwide settlement over mortgage servicing and foreclosure issues during the housing crisis, a group of 49 state Attorney General’s announced Wednesday.
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David Dayen: The CEO of Wells Fargo Might Be In Big, Big Trouble
livinglies.wordpress.com | January 3, 2018
Late last year, Congress scrapped Obama-era rules from the Consumer Financial Protection Bureau that would have banned forced arbitration clauses in financial contracts. This bill, which President Trump quickly signed, was self-evidently bad for consumers at the time—and if anyone needs further proof of how ridiculous and harmful these clauses are, just look at what Wells Fargo has been up to over the past several months. The mega-bank famously issued at least 3.5 million fake accounts without consumer consent, triggering a $185 million fine to state and federal regulators. The bank aimed to demonstrate sales growth to investors and boost the stock price with bogus numbers, but millions of customers got caught up in the exchange, paying unnecessary fees and taking hits to their credit scores. Scores of defrauded customers sued Wells Fargo in a series of class-action lawsuits.
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Lateral Appeal in BKR to District Judge Often Overlooked
livinglies.wordpress.com | January 3, 2018
The PHH case underscores the statistics and the substance of actions brought in U.S. Bankruptcy Court. The fact is that BKR judges, once called magistrates, do not have the jurisdiction or power of ordinary District Court Judges.
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