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Coronavirus/COVID-19 › Foreclosure › Financial Services Industry

Read guidance, analysis, and updates on the myriad issues arising from the global response to the COVID-19 pandemic. Updated hourly every day, the insights published here are written by leading lawyers and law firms... more +
Read guidance, analysis, and updates on the myriad issues arising from the global response to the COVID-19 pandemic. Updated hourly every day, the insights published here are written by leading lawyers and law firms helping to make sense of insurance, employment, tax, securities, M&A, risk management, and every other consideration touched by this crisis. Follow the channel for a daily email brief of the latest and best updates. less -
Bradley Arant Boult Cummings LLP

Veterans Affairs Ending Mortgage Rescue Program

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On April 3, 2025, the U.S. Department of Veterans Affairs (VA) announced it will end the Veterans Affairs Servicing Purchase (VASP) program on May 1, 2025. This decision comes just shy of one year since the program’s...more

Orrick, Herrington & Sutcliffe LLP

CFPB says servicers should suggest sales over foreclosures for some borrowers

Orrick, Herrington & Sutcliffe LLP on

On January 20, the CFPB encouraged mortgage servicers to advise homeowners struggling to pay their mortgages that a traditional sale may be better than foreclosure. The Bureau reported that due to the Covid-19 pandemic many...more

McGlinchey Stafford

Did I waive the terms of my contract? - McGlinchey Commercial Law Bulletin - July 8, 2022

McGlinchey Stafford on

Fair Debt Collection Practices Act- In this appeal, the Court of Appeals for the Sixth Circuit reversed and remanded the District Court for the Northern District of Ohio’s decision, finding the debt collector violated the...more

Bradley Arant Boult Cummings LLP

A Tale of Two Crises: What 2008 Foreclosures Can Teach Us About Attorney General Enforcement Following COVID-19

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Moratoriums on foreclosures due to COVID-19 ended this summer, prompting concerns of a shock similar to the 2008 housing crisis. While there are numerous differences between today and the previous recession, financial service...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights, Volume 2, Issue 18

Spilman Thomas & Battle, PLLC on

Why the Overturned Eviction Moratorium May be Too Little, Too Late for Both Renters, Landlords - "However, the ruling doesn’t mean renters in states without protections will be immediately removed from their homes — an...more

Perkins Coie

CDC Issues New Federal Eviction Moratorium

Perkins Coie on

Citing a surge of COVID-19 cases in July 2021, the Centers for Disease Control and Prevention (CDC) issued a new federal eviction moratorium on August 3, 2021 (Order). The Order is similar to the CDC’s previous eviction...more

Goodwin

House Votes to Repeal OCC True Lender Rule

Goodwin on

In This Issue. The House of Representatives voted to pass a Congressional Review Act resolution repealing the Office of the Comptroller of the Currency’s (OCC) “true lender” rule; the Consumer Financial Protection Bureau...more

Akerman LLP

CFPB Finalizes COVID-19 Amendments Regarding Foreclosure Protections for Borrowers

Akerman LLP on

On June 28, 2021, the Consumer Financial Protection Bureau (CFPB) issued a final rule to amend the mortgage servicing rules in Regulation X, which implements the Real Estate Settlement Procedures Act, to provide additional...more

Bradley Arant Boult Cummings LLP

Detailed Breakdown of the CFPB’s COVID-19 Mortgage Servicing Final Rule

Bradley Arant Boult Cummings LLP on

With the release of the Consumer Financial Protection Bureau’s COVID-19 mortgage servicing final rule and an August 31, 2021, effective date that will be here before we know it, the race is on for servicers to digest the...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights, Volume 2, Issue 11

Spilman Thomas & Battle, PLLC on

A New Bill Could Allow Digital Closings Nationwide "Dubbed the SECURE Notarization Act, the bill would allow for remote online notarization services nationwide." Why this is important: In the wake of the coronavirus...more

Bradley Arant Boult Cummings LLP

April Update: COVID-19 Mortgage Servicing Trends Report

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Bradley is proud to share the following information collected from the live polls presented at its weekly COVID-19 Compliance Roundtables. The polling covers hot topics, including forbearances, deferrals, HUD loss mitigation...more

Nutter McClennen & Fish LLP

Nutter Bank Report: April 2021

Nutter McClennen & Fish LLP on

CFPB Takes Steps to Avoid a Possible Wave of Home Mortgage Loan Foreclosures - The CFPB has issued guidance to mortgage servicers, including banks that service mortgage loans for third-party noteholders, that the CFPB...more

Goodwin

CFPB Seeks to Hold Mortgage Servicers Accountable, and Establish New Mechanisms for Protecting Borrowers, Against Forthcoming...

Goodwin on

This month the Consumer Financial Protection Bureau (CFPB) doubled-down on its earlier warning that the end of 2021 could see widespread foreclosures as COVID-19-related protections expire, by issuing guidance to mortgage...more

Ballard Spahr LLP

CFPB issues Compliance Bulletin (2021-02) on supervision and enforcement priorities regarding housing insecurity

Ballard Spahr LLP on

On April 1, 2021, the CFPB issued Compliance Bulletin 2021-02 (the “Bulletin”), warning mortgage servicers to “take all necessary steps now to prevent a wave of avoidable foreclosures this fall.” The Bulletin and associated...more

Burr & Forman

COVID-19 Collections Impact Bulletin: State Responses (December 2020 Update)

Burr & Forman on

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt...more

Moore & Van Allen PLLC

The Future After Forbearance: What’s Next?

Moore & Van Allen PLLC on

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) requires lenders on all government-backed loans to provide forbearance agreements on residential loan payments for a period of 180 days to any borrower that...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter - October 2020 #2

Troutman Pepper Locke on

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). In response, Troutman Pepper developed a dedicated COVID-19 Resource Center to guide...more

Goodwin

Financial Services Weekly Roundup: Code Libor – SEC And OCIE Issue Risk Alert In Preparation Of Libor Discontinuation

Goodwin on

In This Issue. The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert about the scope and content of examinations OCIE plans to conduct of various...more

Hinshaw & Culbertson - Consumer Crossroads

New York State Enacts New Procedures for Residential Mortgage Forbearance Plans

Hinshaw & Culbertson - Consumer Crossroads on

On June 17, 2020, New York Governor Andrew Cuomo signed Senate Bills 8243C and 8428 into law, adding Section 9-x to the Banking Law. The section creates new procedures for mortgagors and servicers in relation to forbearances...more

Ballard Spahr LLP

VA Extends Eviction Moratorium Through August 31

Ballard Spahr LLP on

On June 18, 2020, the U.S. Department of Veterans Affairs (VA) in Circular 26-20-23 (dated June 17, 2020) extended the eviction moratorium for properties secured by VA guaranteed loans from June 30, 2020 to August 31....more

Mayer Brown

Debt Collection During and After the Pandemic: Do Certain US Legislators and Agencies Seek a Debt Collection Ice Age?

Mayer Brown on

As the COVID-19 pandemic rages on, state and federal lawmakers have taken aggressive measures to protect the health and economic security of their citizens, including legislative and regulatory measures limiting or proposing...more

Akerman LLP

FHFA Extends Eviction and Foreclosure Moratorium

Akerman LLP on

On May 14, 2020, the Federal Housing Finance Agency (FHFA) announced an extension of its eviction and foreclosure moratorium due to the COVID-19 pandemic until June 30, 2020. This is an extension of FHFA's March 18 directive...more

Mintz - Real Estate, Construction &...

UPDATED: New York State Stays Evictions and Foreclosures Due to the COVID-19 Pandemic

Mintz - Real Estate, Construction &... on

Recent Executive Orders by New York Governor Cuomo and Administrative Orders by the New York State courts effectively have stayed the enforcement of residential and commercial evictions and foreclosures in New York through...more

Goodwin

Financial Services Weekly Roundup: May Introduces Additions And Expansions To Covid-19-related Policies

Goodwin on

In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve) expanded access to its Paycheck Protection Program Liquidity Facility (PPPLF) to non-bank lenders and expanded the collateral eligible to...more

Goodwin

Financial Services Weekly Roundup: PPP Borrowers And Lenders Under The Microscope

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In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed a new rule that would establish a revised framework for the fair value determination for purposes of the Investment Company Act of 1940 and have...more

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