On January 15, 2025, the Consumer Financial Protection Bureau (“CPFB” or the “Bureau”) took three coordinated actions related to home equity contracts (also referred to as “home equity investments,” “home equity agreements,”...more
1/24/2025
/ Amicus Briefs ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Enforcement Actions ,
Home Equity ,
Loans ,
Mortgages ,
Real Estate Transactions ,
Regulation Z ,
Truth in Lending Act (TILA)
Members of Mayer Brown’s Financial Services team summarize the main takeaways of the CFPB’s proposal to amend the Regulation X mortgage servicing rules. We focus on the proposal to amend the requirements for mortgage...more
In an effort to help struggling borrowers stay in their homes, the US Department of Housing and Urban Development’s (“HUD” or “Department”) Federal Housing Administration (“FHA”) recently introduced its newest loss mitigation...more
4/10/2024
/ Borrowers ,
Consumer Financial Products ,
Federal Housing Administration (FHA) ,
Financial Distress ,
Financial Services Industry ,
HUD ,
Lenders ,
Loan Payments ,
Loss Mitigation ,
Mortgage Servicers ,
Mortgages
Should US state nonbank mortgage servicers be subject to “safety and soundness” standards of the type imposed by federal law on insured depository institutions, even though the nonbanks do not solicit and hold customer funds...more