Predatory lending

December 13, 2007 -- Utah Attorney General Mark Shurtleff and Francine A. Giani, Executive Director of the Department of Commerce, announced today that 1,770 Utah consumers will soon be getting refund checks from a national settlement agreement with Ameriquest Mortgage.

"This has been a long battle to make sure Ameriquest borrowers get some restitution. The fight has been worth it since so many Utah consumers were able to participate in a sizeable settlement at a time when other mortgage lenders were filing for bankruptcy," says Attorney General Mark Shurtleff.    » read more »

Mortgage company settlement addressed inflated loan appraisals, misrepresentation of home loan terms

December 13, 2007 -- TALLAHASSEE, FL – Florida Attorney General Bill McCollum and Office of Financial Regulation Commissioner Don Saxon today announced that restitution checks from Ameriquest Mortgage Company and its related companies have been mailed to more than 27,000 Florida consumers.    » read more »

Guidelines for Determining Reasonable, Tangible Net Benefit and Ability to Pay

December 4, 2007 -- Professional & Financial Regulation - Consumer Credit Regulation

DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION

BUREAU OF CONSUMER BUREAU OF FINANCIAL
CREDIT PROTECTION INSTITUTIONS
CHAPTER 550 CHAPTER 144 (Regulation 44)

MORTGAGE LENDING: GUIDELINES FOR DETERMINING REASONABLE, TANGIBLE NET BENEFIT AND ABILITY TO PAY    » read more »

Asks NC Senators To Protect NC Homeowners

December 3, 2007 -- “A national law to fight predatory lending is long overdue, but it shouldn’t come at the expense of North Carolina homeowners. If Congress passes this law as currently written, North Carolina consumers will actually be worse off. Congress must allow our state to keep the strongest laws in the country."

Background:

The Mortgage Reform and Anti-Predatory Lending Act of 2007 would undercut North Carolina’s stronger law against predatory home loans.    » read more »

Weak Remedies and Pre-emption of State Law Would Harm Homeowners Facing Foreclosure

Nov. 15, 2007 -- WASHINGTON, D.C. – A bill designed to address abuses in the lending market would leave consumers worse off than if Congress did nothing at all, a group of national and local consumer and poverty law organizations told lawmakers today. The group is urging lawmakers to defeat H.R. 3915, the Mortgage Reform and Anti-Predatory Lending Act of 2007, scheduled for a vote today in the U.S. House of Representatives.    » read more »

Announces Borrower Outreach Initiative To Help Fight Foreclosures; Statewide ban on predatory mortgage products, counseling and face-to-face lenders’ meetings will help families keep their homes

November 2, 2007 -- SPRINGFIELD – As the nation’s foreclosure rate continues to rise, Illinois Governor Rod R.    » read more »

October 29, 2007 -- LANSING - Michigan Governor Jennifer M. Granholm, along with the governors of Ohio, New York, New Jersey, and Massachusetts today urged Federal Reserve Board Chairman Ben Bernanke to prohibit predatory lending practices that have contributed to the nationwide mortgage crisis.

In a letter to Chairman Bernanke, the governors wrote that in order to truly address this national crisis, a comprehensive approach is needed.    » read more »

New Regulations Will Ban Unfair or Deceptive Lending Practices That Contributed to Foreclosure Crisis

October 17, 2007 -- BOSTON - Today, Massachusetts Attorney General Martha Coakley filed finalized regulations with the Secretary of State’s Office to expand the scope of the existing mortgage lender and broker regulations prohibiting certain unfair and deceptive advertising practices. The Massachusetts Consumer Protection Act authorizes the Attorney General to promulgate regulations to identify unfair or deceptive conduct that violates the act.    » read more »

First Case Under 2004 Predatory Home Practices Act

October 05, 2007 -- BOSTON - Today, Massachusetts Attorney General Martha Coakley filed a lawsuit in Suffolk Superior Court against California-based Fremont General and Fremont Investment and Loan (“Fremont”), a subprime lender that originated thousands of loans in Massachusetts. The complaint alleges that Fremont engaged in unfair and deceptive conduct on a broad scale in connection with selling mortgage loans to Massachusetts consumers, by:    » read more »