First Alliance Lending Subject of CFPB Action for Unlawful Lending Practices

Well it didn’t take long. We have been predicting for the past few months that the new Biden Administration would start to get much tougher on mortgage lenders. Especially as lenders are now seeing record revenues and profits; lots of deep pockets to collect fines and penalties. On January 15th, the CFPB announce it had […]

Biden’s Appointment to Head CFPB? It’s a Warren Protege

According to Housing Wire today, “President-elect Joe Biden announced several appointments Monday, including FTC Commissioner Rohit Chopra to head the Consumer Financial Protection Bureau.” “Chopra is a CFPB veteran, having previously served as assistant director, where he was the bureau’s top student loan watchdog. In 2011, the Secretary of the Treasury appointed him to serve […]

The Emerging COVID Foreclosure Crisis

The ongoing discussions in Washington regarding a second COVID stimulus package, involving over $1 Trillion in funding and $2000 individual payments, which follows the previous $600 individual payments in December, masks a growing foreclosure crisis that should be a concern for mortgage lenders. COVID forced all “non-essential” business into hibernation and caused widespread unemployment, underemployment […]