Mortgage Servicing & Foreclosures Archives

COVID-19 Crisis: Advocates Urge FHFA to Help Ensure Fair Treatment for All Borrowers, Especially Limited English Proficient Borrowers

April 9, 2020

Washington, D.C. – The National Consumer Law Center, Americans for Financial Reform Education Fund, the National Fair Housing Alliance and 33 other consumer, civil rights, and housing counseling groups sent a letter today calling on the Federal Housing Finance Authority (FHFA) to step up its efforts to translate key mortgage notices needed by borrowers hit…

New CFPB Mortgage Guidance Does More for Servicers than Consumers

April 6, 2020

Millions of Families Could Lose Homes from Job Loss Due to COVID-19 Washington, D.C. – Late last Friday, the Consumer Financial Protection Bureau (CFPB) issued a one-sided policy guidance providing enormous flexibility to mortgage servicers while failing to ensure that distressed consumers can get access to crucial information and foreclosure-avoidance procedures. Although styled as a…

Senate COVID-19 Stimulus Bill is a Start but Falls Far Short for Families, Students, and the Nation’s Most Vulnerable

March 26, 2020

Washington, D.C. – Late yesterday, the U.S. Senate passed a $2 trillion stimulus bill to assist businesses and families in the wake of the COVID-19 crisis. The package includes some helpful aid but it falls short in several critical consumer protection areas. “While the Senate package contains some first steps to relieve the economic crisis,…

Advocates: HUD Must Do Much More to Protect Older Reverse Mortgage Borrowers in the Coronavirus Epidemic

March 24, 2020

Washington, D.C. – The National Consumer Law Center, Americans for Financial Reform Education Fund, and 40 other groups sent a letter today to the U.S. Department of Housing and Urban Development (HUD) seeking stronger protections for reverse mortgage borrowers in response to the COVID-19 pandemic. The agency has announced a 60-day halt on foreclosures of…

Consumer Watchdog Files Suit against “Forensic Loan Auditing” Company for Foreclosure Rescue Scam

September 6, 2019

FOR IMMEDIATE RELEASE: September 6, 2019 Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) sued Certified Forensic Loan Auditors. According to the CFPB’s complaint, Certified sold consumers worthless “audits” and other documents that the defendants claimed would help save consumers from mortgage foreclosure. “These so-called loan audits are a scam and a waste…

HUD’s Disaster Relief Changes Will Allow for Faster Relief, But More Flexibility is Still Needed

September 4, 2019

FOR IMMEDIATE RELEASE: September 4, 2019 National Consumer Law Center contacts: Alys Cohen ([email protected]) or Jan Kruse ([email protected]); (617) 542-8010 Boston – As Hurricane Dorian bears down on the U.S., advocates at the National Consumer Law Center (NCLC) applaud U.S. Department of Housing and Urban Development (HUD) for improving programs available to HUD-insured homeowners after…

FDIC’s New Mortgage Appraisal Rule Ignores Lessons of Great Recession

August 20, 2019

FOR IMMEDIATE RELEASE: August 20, 2019 Washington, D.C. – After a vote today by the Federal Deposit Insurance Commission (FDIC) Board of Directors, banks making home mortgages will no longer need to obtain an appraisal for mortgages under $400,000. With the increased threshold approved by the FDIC today, a total of 72% of home mortgage…

FHFA Backtracks on Critical Language Access Question on Mortgage Application

August 9, 2019

FOR IMMEDIATE RELEASE: August 9, 2019 Washington, D.C.- Advocates at the National Consumer Law Center decried the decision announced yesterday by the Federal Housing Finance Agency (FHFA) to remove a question about the mortgage applicant’s language preference from the Uniform Residential Loan Application (URLA), the form used widely across the mortgage market. FHFA had announced…

Government Report Shows Harm to Consumers from HUD Loan Auctions to Private Equity Firms

August 2, 2019

FOR IMMEDIATE RELEASE: August 2, 2019 Boston – A report released to the public today by the U.S. Government Accountability Office (GAO) analyzes the U.S. Department of Housing and Urban Development’s (HUD) Loan Sale Program and shows the harm the program has caused to FHA-insured homeowners. According to the GAO, the mortgage loans that were…

National Consumer Law Center and the Consumer Federation of America Urge CFPB to Maintain Ability to Repay Determinations for All Mortgage Loans

July 25, 2019

FOR IMMEDIATE RELEASE: July 25, 2019 Washington, D.C. – Advocates at the National Consumer Law Center and the Consumer Federation of America issued the following statement today in response to the Consumer Financial Protection Bureau’s (CFPB) announcement of an Advance Notice of Proposed Rulemaking regarding the Dodd-Frank Act ability to repay and qualified mortgage rules.…

Plaintiff's Response in Smith v. Bank of New York Mellon

June 17, 2019

Plaintiff's response to Malcolm and Cisnero's Motion to Dismiss

Model Form for Summary Data of Loan Modifications from Mediations/Conference

Proposed survey of results addenda

All

Support NCLC