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Home » Store » Inside the CFPB » Borrower Loan Mod Class Action May Proceed, Degree of Participation Yet to be Determined

Borrower Loan Mod Class Action May Proceed, Degree of Participation Yet to be Determined

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Inside the CFPB

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In a development that ultimately could affect legions of homeowners who couldn’t get a permanent loan modification, the U.S. Court of Appeals for the Seventh Circuit recently gave the go-ahead to a borrower class action against a mortgage servicer for not providing a permanent loan modification under the Home Affordable Modification Program. “We believe this affects hundreds of thousands of people, if not more – not just at Wells Fargo, but also with respect to other banks – who haven’t been able to get their loan modifications like they should have, given their compliance with their trial plans...
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