Consumer Bureau Seeks to Undo Settlement and Repay Mortgage Lender
Under President Trump, the Consumer Financial Protection Bureau has dropped nearly a dozen enforcement cases brought during the Biden administration, ending lawsuits against banks and lenders for a variety of financial practices that the watchdog agency no longer considers illegal. But on Wednesday, the bureau went a step further: It is seeking to give back $105,000 that a mortgage lender paid to settle racial discrimination claims last fall.
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California Best Title Company Settles Allegations of Illegal Inducements with $150,000 Penalty
Under California law, title companies or their representatives may not offer illegal perks or incentives to real estate agents in exchange for business referrals - a practice known as illegal inducement. The department launched an investigation after receiving multiple complaints from industry professionals who alleged that California Best Title's marketing representatives were providing illegal inducements to real estate agents for those agents to steer consumers to use California Best Title.
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Non-Permanent Residents No Longer Eligible for FHA Loans
A sweeping change took place this morning that blocks non-permanent residents from taking out FHA loans. After conforming loans backed by Fannie Mae and Freddie Mac, they are the most popular loan type available to home buyers today. They also have the most liberal underwriting guidelines, which allow for credit scores as low as 580 with a 3.5% down payment. As a result of this change, only permanent residents will be able to obtain an FHA loan moving forward.
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Buying a home? Without Consumer Bureau, you must be your own watchdog
House prices are stubbornly high, and mortgage rates remain substantially above their pre-pandemic level. Now, with the spring homebuying season looming, shoppers have a new worry: A major federal consumer watchdog has been hobbled. Without the Consumer Financial Protection Bureau, the agency responsible for overseeing most aspects of the homebuying process, consumer advocates say homebuyers need to be their own watchdogs.
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Making class action history: Dentons trial lawyers secure total victory in certified class action tried to Los Angeles jury
This case was a class action alleging fraud and negligent representation in connection with title insurance policies purchased by over 300,000 Californians. The case has been pending for almost two decades due in part to the Plaintiff filing four Amended Complaints to bring change their claims at various points of the case, in addition to appellate review before the California Court of Appeals.
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