Home Mortgages
The Consumer Financial Protection Bureau’s New Mortgage Rules and Senator Elizabeth Warren’s Senate Commentary The CFPB’s new mortgage rules, including a provision that requires lenders to determine that borrower have the ability to repay a mortgage, go into effect on Friday, Jan. 10. Senator Warren praised them on the Senate Floor on January 7. Video…
Read MoreOn November 20, the Consumer Financial Protection Bureau issued here its new, consumer road-tested, mortgage disclosure final rule and new forms. There is a link to the study showing how consumers had significantly better understanding with the redesigned disclosures. The New York Times editorialized on them here as an improvement but still “disappointing,” citing the…
Read MoreOctober Surprise Lawsuit or Template for Holding Wrongdoers Accountable in the Mortgage Crisis? A security is a contract that can be assigned a value and traded – something Wall Street does all the time. It may be a bond or a share, and backed by something of value, such as a mortgage. When you hear…
Read MoreGary Gensler, the Chairman of the Commodity Futures Commission, explains in the New York Times why consumers with interest rates in their contracts should care about the integrity of Libor–the London interbank offered rate–which is used as a benchmark average interest rate at which large international banks can borrow money. http://www.nytimes.com/2012/08/07/opinion/libor-naked-and-exposed.html?_r=1
Read MoreLaw professor Jeff Sovern, a coordinator of the Consumer Law and Policy Blog, and a member of the Fair Contracts Advisory Board, has an excellent piece in the New York Times today titled “Help for the Perplexed Home Buyer.” He notes that the Consumer Financial Protection Bureau’s proposed new rules to clarify housing loan disclosure…
Read More"The equitable case is the widespread fraud and deception involving subprime mortgages raining down on innocent homeowners following the Wall Street crash and the corporate greed that caused it. This is the ugly license fostered by massively one-sided, fine-print contracts. "The strictly legal case stems from the fabricated documents, the phony paper trails under the…
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