DOJ's Pursuit of FHA Lenders Is 'Chilling' Market, Quicken CEO Says
WASHINGTON — The Department of Justice has "hijacked" the Federal Housing Administration home loan program in efforts to punish lenders that don't make perfect loans, according to Quicken Loans chief executive Bill Emerson.  more »
Bloomberg News
Instead of pursuing bad actors in the FHA program, Quicken’s Bill Emerson said, DOJ is just trying to garner settlements from the largest lenders. "They just want us to write a check," he said.
WASHINGTON — The Consumer Financial Protection Bureau's enforcement attorneys have pulled back on new investigations in order to clear out a slew of pending cases, according to multiple current and former officials at the agency. more »
A national mortgage servicing company will pay $63 million to resolve FTC and CFPB charges that it harmed homeowners with illegal debt collection practices and loan servicing. more »
The Oregon House of Representatives on Tuesday is reviewing a bill that would place new, stronger requirements on debt buyers that file collection lawsuits. more »
Debt buyer Asta Funding agreed Wednesday to settle charges brought by New York regulators for allegedly pursuing improper debt collection tactics against hundreds of consumers in the state. more »
A lawsuit filed last month by four student loan debt collection companies against the U.S. Department of Education was dismissed Tuesday by a federal judge. more »
The Consumer Financial Protection Bureau and the Navajo Nation announced Tuesday that they are taking action against companies and individuals who operated an illegal tax refund scheme. more »
Two debt brokers agreed to settle charges that they exposed highly sensitive information about tens of thousands of consumers while trying to sell portfolios of consumer debt on a public website. more »
Federal and state of Illinois authorities moved to shut down a debt collection scam operation located in a western suburb of Chicago. The defendants are charged with illegally using threats and intimidation. more »
A federal court has temporarily halted Los Angeles-based Wealth Educators Inc. and its president from offering mortgage relief services after the Federal Trade Commission charged the operation with failing to provide the help promised to homeowners, while charging a large illegal upfront fee for services. more »
"The ringleaders of the scheme, the telemarketing company that broadcast millions of robo-calls, and the companies that processed the payments should all be held accountable for taking advantage of vulnerable consumers," said CFPB Director Richard Cordray.
WASHINGTON — The Consumer Financial Protection Bureau has filed a massive lawsuit against more than a dozen debt collectors, payment processors and related entities that the agency said failed to stop fraudulent collection tactics. more »
Washington Attorney General Bob Ferguson is suing Student Loan Processing and owner James Krause for allegedly charging consumers in the state “exorbitant and illegal” fees to help with their student loan debt. more »
Marketers who helped promote an alleged home loan modification scheme will be banned from the mortgage relief and debt relief industries under a court settlement. more »

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