A borrower recently filed a lawsuit seeking class-action status against Fannie Mae related to an inquiry made into his credit file after his bankruptcy process was completed. Some attorneys said the case hints at a new type of lawsuit on the horizon stemming from the Fair Credit Reporting Act. Grant Bailey alleges that the government-sponsored enterprise made unauthorized inquiries into his credit after bankruptcy released him from any debt he owed to Fannie. Bailey filed documents in federal court on June 15 stating that the inquiry without his consent was not permissible under the FCRA and did not serve any legitimate business need. These allegations represent...
Last week, Ocwen Financial agreed to a $30 million settlement with the Department of Justice regarding two lawsuits that alleged violations of the False Claims Act. The lawsuits alleged that Ocwen Loan Servicing and Ocwen’s Homeward Residential division violated the FCA by falsely certifying their compliance with the Home Affordable Modification Program and FHA insurance programs, thus rendering all HAMP incentive and FHA insurance payments on Ocwen- or Homeward-serviced loans false claims. One of the cases was scheduled...
Ocwen experienced the greatest percentage decrease in average monthly complaint volume from the first quarter of 2015 to 1Q16. Then again, Ocwen's servicing portfolio has been shrinking.
A few weeks back, Walter Investment CEO and vice chairman Denmark Dixon resigned, but was given a $2.25 million cash payment as part of a separation agreement from the company.
The Congressman noted that outside of a study done in 2011, the administration has had little engagement with Congress on a path toward ending the conservatorships, which are almost eight years old...
RSS