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The CFPB’s New Mortgage Rules and Senator E. Warren’s Senate Commentary

By theresa / January 8, 2014 / Comments Off on The CFPB’s New Mortgage Rules and Senator E. Warren’s Senate Commentary

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…

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CFPB Issues New Mortgage Forms

By theresa / December 2, 2013 / Comments Off on CFPB Issues New Mortgage Forms

On 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…

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The Whistleblower, The “Hustle” and The Bank…of America

By theresa / October 25, 2012 / Comments Off on The Whistleblower, The “Hustle” and The Bank…of America
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October Surprise Lawsuit or Template for Holding Wrongdoers Accountable in the Mortgage Crisis?

By theresa / October 3, 2012 / Comments Off on October Surprise Lawsuit or Template for Holding Wrongdoers Accountable in the Mortgage Crisis?

October 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…

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Why Consumers with Interest Rates in their Contracts Should Care about LIBOR

By theresa / August 8, 2012 / Comments Off on Why Consumers with Interest Rates in their Contracts Should Care about LIBOR

Gary 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

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Professor Jeff Sovern on Mortgage Disclosures

By theresa / July 19, 2012 / Comments Off on Professor Jeff Sovern on Mortgage Disclosures

Law 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…

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One-sided, fine-print mortgage contracts, foreclosure fraud and the Occupy movement — An Op Ed by Nader & Amato in the Chicago Tribune

By theresa / February 2, 2012 / Comments Off on One-sided, fine-print mortgage contracts, foreclosure fraud and the Occupy movement — An Op Ed by Nader & Amato in the Chicago Tribune

"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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