With the currently revolving door of directors at the federal Consumer Financial Protection Bureau (CFPB)—which may soon be on its fourth director in 2025 alone—and an order issued by Acting CFPB Director Russell Vought to...more
Alleging that a Boston company “pervasively and systematically violated the state’s consumer protection laws, including mortgage and foreclosure prevention laws, putting financially vulnerable homeowners at high risk of...more
If there was any doubt about how the Consumer Financial Protection Bureau (“CFPB”) (under current leadership) feels about what it calls “home equity contracts” (also known as shared appreciation agreements, shared equity...more
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
On January 15, the CFPB published a report focusing on the home equity contracts, also known as home equity investments (HEIs). As described by the CFPB, these financial products allow homeowners to receive an upfront payment...more
On January 17, 2024, the Consumer Financial Protection Bureau (CFPB) issued a report, consumer advisory, and filed an amicus brief addressing the risks associated with home equity contracts (HECs)—financial products often...more
The idea of borrowing against equity in a residential home through a second mortgage has been around for almost a century. However, the popularity of a home equity line of credit (HELOC) increased in the 1980s following the...more
Join us for this episode of Financial Services Focus, where Lauren Pryor, Holly Spencer Bunting and Darius Horton delve into the rising popularity of home equity products, discussing how these offerings provide homeowners...more
Consistent with its mission to safeguard against fraud, waste, and abuse, the Office of Inspector General (OIG) of the U.S. Department of Housing and Urban Development (HUD) recently announced concerns regarding Ginnie Mae’s...more
Release of Liens- One statute specifically affects mortgage servicers and mortgagees. The statute (House Bill 219) adds Section 343.108 to the Texas Finance Code, which requires a mortgage servicer or mortgagee to deliver a...more
From Cicero’s De Officiis to the Magna Carta and the homesteaders of 1862 to the millennials of 2023, humankind has long recognized the importance of a place to call home. Codified in the Fifth Amendment (“…nor shall private...more
Chicago will begin testing parking enforcement technology and smart loading zones following an ordinance the City Council passed March 15. The technology will automatically issue tickets for parking or standing violations in...more
The Federal Housing Administration recently issued Mortgagee Letter 2022-23, establishing a new COVID-19 Home Equity Conversion Mortgage Property Charge Repayment Plan. The COVID-19 HECM Property Charge Repayment Plan would...more
The issue of whether a home equity line of credit (HELOC) that can be accessed using a credit card is a “credit card plan” subject to the Truth in Lending Act’s setoff prohibition is currently before the U.S. Court of Appeals...more
Under current Texas law, a home equity loan must be “closed only at the office of the lender, an attorney at law, or a title company.” This has proved to be a considerable obstacle for borrowers who are “homebound” or in...more
We “ring” in 2022 with a recent case that again shows the long reach of statutory financial elder abuse claims in California trust and estate litigation. In Ring v. Harmon (2021) ___ Cal.App.5th ___, the Court of Appeal...more
HB 2617 is significantly altering the Arizona homestead exemption laws on December 31, 2021. Under current law, up to $150,000 in equity proceeds in a debtor’s home is exempt from collection by creditors. Additionally,...more
There has been a good amount of commentary regarding Arizona House Bill 2617, which amends the Arizona Homestead Statute, and related statutes, effective January 1, 2022. Despite what appears to be the consensus, the Bill is...more
At the close of this month, certain moratoria on foreclosures and evictions are set to lift. While prior deadlines have been extended, it remains to be seen whether another continuance will be granted amidst an increase in...more
The South Carolina Court of Appeals rejected the replacement mortgage doctrine on Nov. 25, 2020 and held a home equity line of credit had priority over a subsequent mortgage that secured refinancing of a mortgage prior in...more
On December 15, 2020, New York Governor Andrew Cuomo signed into law Senate Bill 4408, which amends the Real Property Law by adding a new section 280-d. The amendment will become effective on April 14, 2021, and the...more
On April 24, 2020, the Texas Supreme Court upheld a lender’s right to equitable subrogation for non-compliant home equity loans, ruling that lenders who fail to cure within the statutorily mandated 60-day period may recoup...more
Last week, the Texas Supreme Court issued a significant decision in favor of Texas home-equity lenders in Federal Home Loan Mortgage Corporation v Zepeda, No. 19-0712, answering “yes” to the following certified question from...more
Nursing home residents do not automatically have to sell their homes in order to qualify for Medicaid, but that doesn't mean the house is completely protected. The state will likely put a lien on the house while the resident...more
The Tax Cuts and Jobs Act of 2017 (“TCJA”) made substantial changes to the Tax Code of 1986 by reducing tax rates and “simplifying” tax compliance for many by significantly increasing the standard deduction and eliminating...more