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The Consumer Financial Protection Bureau (CFPB) proposed rules to supervise large debt collectors and credit reporting agencies. The rule covers consumer debt collectors, including law firms, earning more than $10 million from the activity. This works out to 4 percent of consumer debt collectors; but about 63 percent of annual receipts from the debt collection

The banks that settled a nationwide probe of foreclosure practices last month will get a bonus from the deal. The bonus is protection for $308 billion of home-equity loans they hold. The banks that service about half the nation’s mortgages on behalf of investors will be able to share losses on their junior loans with

A bill to streamline the Florida mortgage foreclosure process has advanced in the House. Although, consumer critics said the measure might not leave homeowners time to respond to this Florida foreclosure notice before it goes before a judge. Furthermore, a major concern with the bill deals with the abandonment of property. In fact, homeowners who

Mortgage servicers said that they anticipate hardships from the $25 billion foreclosure settlement. The main problem for loan servicers is the discrepancy between the tight timeline that Fannie Mae and Freddie Mac set for servicers to foreclose on a loan and the now required additional time to negotiate loan modifications. Moreover, if a servicer doesn’t

Florida courts will allow correction of clerical mistakes, such as an incorrect party name, when the interests of justice require it. In the case of Lake Charleston Homeowners Association, Inc. v. Haswell, the attorney for the HOA named the wrong entity. In response, the association’s attorney took the position that the incorrect name resulted from

As outstanding student debt approaches $1 trillion, it’s one more reason record-low interest rates aren’t doing more to boost housing. The tighter lending standards that have emerged in the wake of the recession weigh particularly on younger, first-time home buyers. 9 percent of 29 to 34-year-olds got a first-time mortgage between 2009 and 2011; compared

The $25 billion settlement with banks over foreclosure abuses may result in a wave of home seizures; inflicting short-term pain on delinquent U.S. borrowers while making a long-term housing recovery more likely. Lenders slowed the pace of foreclosures as they negotiate the $25 billion settlement. With an agreement reached, banks are likely to resume property

A new report claims that Freddie Mac betrayed American homeowners. That is after placing multibillion-dollar bets that will pay off if homeowners remain shackled by costly mortgages with interest rates well above current rates. Interest rates now reach as high as seven percent. The company does not want borrowers to default on their mortgages. However,

Homeowners who owe substantially more than the value of their homes are probably too far underwater to refinance their debt anytime soon. But those who have less debt soon may have an opportunity to refinance at lower interest rates; with renewed help from the government. The government has revamped its Home Affordable Refinance Program or

A bill has been killed that could have led to foreclosure notices disappearing from newspapers and going to websites. The sponsor argued that the county clerks of the court should be able to decide whether to continue the decades-old practice of publishing foreclosure notices in newspapers. Or, placing them on non-newspaper websites. Newspaper officials argued