Weeks after the Trump administration banned the practice, the Senate Judiciary Committee is looking into whether the Obama administration used mortgage-related settlement funds to funnel money to political organizations that Congress deliberately defunded. In a recent letter to Attorney General Jeff Sessions, Sen. Chuck Grassley, R-IA, chair of the Senate Judiciary Committee, revived a standing request to the Department of Justice for a list of all settlement agreements reached during the previous administration that involved alleged payments to partisan community organizations. He gave the agency until June 28 to respond to his request. Specifically, Grassley asked...
The Consumer Financial Protection Bureau’s integrated-disclosure rule has been in effect for more than 18 months now, and industry compliance professionals still have a number of questions in need of answers as they await the issuance of the so-called TRID 2.0 rule from the agency. The rule had been expected in the first quarter of 2017, but to date, not a peep has been uttered by the agency as to the cause of the delay or when lenders might expect the final rule. The Treasury Department recently issued...
Wells Fargo Bank finds itself in yet another legal quagmire, accused of illegally making “stealth modifications” to mortgage payments of borrowers in bankruptcy without their permission – a charge the bank vehemently denies. A class-action lawsuit filed recently in the U.S. Bankruptcy Court for the Western District of North Carolina alleges that Wells Fargo made unauthorized mortgage modifications that neither the bankrupt debtors, their attorneys nor the bankruptcy court requested or approved. In some cases, 30-year loans were...
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