The CFPB has weighed in on whether a trustee foreclosing on a California home qualifies as a “debt collector” under the federal Fair Debt Collection Practices Act. In Ho v. ReconTrust, N.A. (9th Cir. Aug. 7, 2015), the Bureau filed an Amicus Curiae brief arguing that a trustee engages in debt collection if it sends consumers notices stating that nonjudicial foreclosure will occur unless the borrowers make payment on their debt. (That is, of course, standard practice in nonjudicial foreclosure states.) It argues that this is the case regardless of whether the conduct is related to the enforcement of a security interest—conduct which is frequently viewed as outside the purview of the FDCPA. The topic is of interest not only to entities that act as trustees under deeds of trust, but also to lenders, servicers and other entities involved in nonjudicial foreclosure.

Source: Lexology.com

“There’s not a single, solitary example that it had anything to do with the financial crash,” former President Bill Clinton tells Inc. regarding 1999 repeal of Glass-Steagall.

• “In fact, a study done afterward said that the unified banks were actually slightly less likely to fail than either the commercial banks that overloaded on subprime mortgages, or the investment banks, like Bear Stearns, Lehman Brothers, and others”: Clinton
• NOTE: Democratic presidential candidate Hillary Clinton won’t propose reinstating Glass-Steagall, adviser Alan Blinder told Reuters last month
• NOTE: Clinton’s rivals for the 2016 Democratic nomination, Sen. Bernie Sanders and former Md. Gov. Martin O’Malley, have called to break up the biggest U.S. banks

Source: Bloomberg

Read more on Inc. Click here.

You have the read this story. My hats off to the judge for sticking it to Bank of America!

ORDERED:

1. Bank of America’s Motion to Amend Pleadings (Doc. 102) is DENIED.

2. The Court intends to enter judgment in favor of Plaintiffs Ronald and Deborah Goodin and against Bank of America in the amount of $204,000 once attorneys’ fees have been decided. The Goodins have until July 15, 2015 to file a motion for attorneys’ fees and costs, and Bank of America has until August 10, 2015 to respond.

DONE AND ORDERED.

And here is the court information. Click here.

Aug. 08–A Jacksonville federal judge has issued a sharp critique of Bank of America in a case involving a Jacksonville couple where the bank mishandled court filings and began a years-long process of trying to collect a non-existent debt and falsely filing for foreclosure.

Bank of America ruined…

A class action lawsuit claims Michigan ignores due process when overseeing tax foreclosures. The Gongwer news service first reported on the lawsuit. Plaintiffs say the state does not hold impartial hearings so that people can appeal foreclosure decisions.

“Despite the Michigan Legislature’s 1999 overhaul of the tax foreclosure process, the State is stuck in time and completely disregards one of the opportunities for a delinquent taxpayer to make the case that the State should not be allowed to take their property for delinquent taxes via a show cause hearing,” the lawsuit reads. “Instead, the State convenes its own non-judicial mass meetings with delinquent taxpayers in Lansing, Michigan. “

The state handles tax foreclosures for several counties. The state lists Branch, Clinton, Dickinson, Iosco, Keweenaw, Livingston, Luce, Mecosta and Shiawassee counties, and the lawsuit claims Michigan also oversees tax foreclosures in Eaton County.

The Michigan Department of Treasury declined to comment…