Some 53 percent of the distressed homeowners seeking housing counseling in the past year were minorities, according to an analysis by the Homeownership Preservation Foundation. The nonprofit HPF operates the Hope Hotline, which offers free foreclosure-prevention counseling. The hotline gained prominence in 2007 as delinquencies and foreclosures started to pile up. While the number of distressed borrowers has declined significantly in recent years, delinquencies on ...
According to the Mayer Brown law firm, “Financial services companies that hoped for immediate regulatory relief when the Trump administration assumed control may have to wait a bit longer…”
The Consumer Financial Protection Bureau this week brought a relatively modest $28.8 million enforcement action against CitiFinancial Servicing and CitiMortgage to resolve allegations that struggling borrowers were kept in the dark about options available to save their homes. Under the terms of the consent order, CitiMortgage has to pay an estimated $17 million to compensate wronged consumers, along with a civil penalty of $3 million. The CFPB is also compelling CitiFinancial Services to refund approximately $4.4 million to consumers, and pay a civil penalty of $4.4 million. The bureau’s action related...
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