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Financial Services Industry Loan Repayment Issues Consumer Financial Products

McGlinchey Stafford

FCRA Claims Fail as Mortgagor Could Not Satisfy His Repayment Obligations by Tendering Another Promise to Pay

McGlinchey Stafford on

On September 19, 2024, the District Court for the Eastern District of New York dismissed claims against the mortgage lender, its mortgage servicer, and credit reporting agencies under the Fair Credit Reporting Act (FCRA), 15...more

Ballard Spahr LLP

Department of Veterans Affairs Enacts Sweeping Loss Mitigation Program Changes

Ballard Spahr LLP on

The Department of Veterans Affairs (VA) made significant changes to its loss mitigation program this month, launching its awaited Veterans Affairs Servicing Purchase Program, and implementing a 40-year loan modification term....more

Troutman Pepper

CFPB Reports on Student Borrowers’ Experiences During Return to Loan Repayment

Troutman Pepper on

As federal student loan repayments resume after a three-year pause due to the COVID-19 pandemic, the Consumer Financial Protection Bureau (CFPB) published an Issue Spotlight on student borrowers’ experiences, using consumer...more

Stinson LLP

New Interagency Policy Statement on CRE Loan Accommodations and Workouts

Stinson LLP on

On June 29, 2023, a new interagency Policy Statement (the Statement) was issued relating to commercial real estate (CRE) loan accommodations and workouts. The Statement is relevant to all financial institutions governed by...more

Orrick, Herrington & Sutcliffe LLP

States support DOE’s overhaul of IDR plans

On February 13, a coalition of state attorneys general led by California and Massachusetts submitted a letter in support of the Department of Education’s (DOE) proposed changes to income-driven repayment plans (IDR) for...more

Orrick, Herrington & Sutcliffe LLP

Education Dept. extends student loan moratorium

On December 22, the Department of Education announced a 90-day extended pause on student loan repayment, interest, and collections through May 1, 2022, which will allow the Biden Administration “to assess the impacts of the...more

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