CFPB targets zombie foreclosures

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Clarifying servicers’ obligations to avoid dual-tracking and prevent wrongful foreclosures: The CFPB’s existing rules prohibit servicers from taking certain actions in foreclosure once they receive a complete loss mitigation application from a borrower more than 37 days prior to a scheduled sale. However, in some cases, borrowers are not.

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“Foreclosure rescue scammers cannot evade the law by hiding behind a. to be used by shady companies to target people facing foreclosure.

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The Consumer Financial Protection Bureau (CFPB) reportedly is paying close attention to so-called zombie title foreclosures. "Zombie foreclosures result when banks begin a foreclosure – even.

Story Continued Below At a press conference Thursday, CFPB director Richard Cordray announced the rule. Cordray said “Many people have had adverse actions against their credit because of.

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The Consumer Financial Protection Bureau (CFPB) reportedly is paying close attention to so-called zombie title foreclosures. "Zombie.

The updated rule requires servicers to provide certain borrowers with foreclosure protections more than once over the life of the loan, clarifies.

CFPB Targets ‘Zombie’ Foreclosures | PYMNTS.com – The Consumer Financial Protection Bureau (CFPB) reportedly is paying close attention to so-called zombie title foreclosures. "Zombie foreclosures result when banks begin a foreclosure – even. A Game of Credit Cost Smoke and Mirrors at Wells Fargo?

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[5] Banks and their foreclosure legal counsel are at the center of the CFPB’s FDCPA regulatory expansion. Under Dodd-Frank, the CFPB was charged with implementing reforms for the financial services.

State AGs propose settlement with mortgage servicers WASHINGTON – Four state attorneys general have sent a letter to Iowa AG Tom Miller objecting to provisions of the 27-page proposed settlement with the top five servicers. Attorneys General Kenneth Cuccinelli of Virginia, Greg Abbott of Texas, Pam Bondi of Florida, and Alan Wilson of South Carolina.

On January 10, 2014, new CFPB amendments to Regulation X (implementing the Real Estate settlement procedures act) and Regulation Z (implementing the Truth in Lending Act) became effective, imposing new requirements on loan servicers to respond to inquiries from residential mortgage loan borrowers within statutorily-specified time periods.

foreclosures and repossessions. “Predatory schemes frequently target service members and their families,” said Lisa Donner, Executive Director of Americans for Financial Reform. “This legislation.

The Consumer Financial Protection Bureau is probing "zombie" foreclosures, a phenomenon first revealed by Reuters last year, Michelle Conlin reports. Thousands of borrowers across the country were.

If you spot a zombie foreclosure in your neighborhood, you'll want to kill it fast. once abandoned, they quickly fall into disrepair and become targets for. a complaint against it with the Consumer Financial Protection Bureau.