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Inside the CFPB

April 16, 2007

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Congress Weighs Anti-Foreclosure Legislation

Responding to a growing clamor from consumer advocates and community groups, lawmakers on Capitol Hill are looking at potential federal solutions to rapidly rising subprime mortgage foreclosures – an approach that some industry attorneys say could lead to trouble... Read More

Experts Discuss Fair Lending Strategies

A comprehensive approach to defense strategy and good relationships with regulators are key to negotiating a favorable outcome to a fair lending inquiry, according to a panel of compliance specialists at a recent Fair Lending Summit hosted by the National Real Estate... Read More

Mortgage Industry Rejects Freeze on Subprime Foreclosures

The mortgage banking industry has rejected a call from civil rights and consumer advocacy groups for a six-month freeze on mortgage foreclosures. The Mortgage Bankers Association said forbearance may be effective in some cases but not as a sustainable long-term... Read More

Frank Details Anti-Predatory Lending Legislation Priorities

Anti-predatory lending legislation set to be introduced by Rep. Barney Frank, D-MA, will address federal preemption and crack down on lender incentives, the congressman said. Frank, the chairman of the House Financial Services Committee, sent a letter to his... Read More

IL Mulls Foreclosure Bill Imposing New Duties on Lenders, Brokers

Mortgage lenders and brokers in Illinois may soon face a tough law designed to curb foreclosures and abusive lending practices. State Attorney General Lisa Madigan is working with state lawmakers to pass legislation during the current session. The bill’s regulatory... Read More

Subprime Collapse Raises Fear of Widespread Employee Lawsuits

The collapse of the subprime mortgage market has caused drastic industry-wide layoffs, which could trigger an onslaught of employee lawsuits, warned a mortgage employment expert. “Employers looking to avoid penalties and class-action lawsuits have several key areas to... Read More

NY Suit to Gauge Effectiveness of Securities Suitability Standard

A New York attorney specializing in securities investment fraud has filed a lawsuit that aims to use the securities industry’s suitability standard as the basis for a mortgage fraud claim. Jacob Zamansky, a principal with the Manhattan law firm... Read More

State Roundup

Connecticut: State investigators looking into allegations that the former chief executive of Mortgage Lenders Network failed... Massachusetts. Mortgage servicers should be extra careful when posting and communicating payment histories on... Read More

Federal Roundup

Department of Housing and Urban Development: Housing Rights Ad. HUD has used theater screens around the nation to raise public awareness about fair housing rights. Fair housing ads ran in approximately... Read More

Worth Noting…

The credit counseling industry is hosting a Federal Legislative Summit to discuss... Credit-Aid, also known as the “Credit Doctor,” has new “credit repair”... Working-class and minority neighborhoods in the largest... The Consumer Bankers Association will host a... Read More

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