On Thursday, March 26, 2020, from 3:00 p.m. – 3:30 p.m. EDT, Larry Platt will discuss the provisions of recent federal legislation that impact residential mortgage loans. This call is a part of Mayer Brown’s Global Financial Markets Teleconference Series.
Congress’s response to the COVID-19 pandemic is expansive legislation that provides support to federal agencies,…
Federal housing finance authorities issued temporary relief measures for the benefit of mortgage loan borrowers affected by the COVID-19 outbreak and its economic consequences. The Federal Housing Administration and the Federal Housing Finance Agency (in its role overseeing Fannie Mae and Freddie Mac) have announced measures that require servicers to offer relief to borrowers who…
On October 19, a divided Ninth Circuit ruled that a trustee of a deed of trust who takes action to initiate non-judicial foreclosure is not a “debt collector” under the Fair Debt Collection Practices Act (FDCPA). See Ho v. ReconTrust Co., NA, No., 10-56884 (9th Cir. Oct. 19, 2016). The court reasoned that because the object of a non-judicial foreclosure is to retake and resell the property that secures a debt, as opposed to collecting money from the borrower, the trustee was not acting as a “debt collector” under the statute. In further support of its conclusion, the court reasoned that holding otherwise would create a conflict between the trustee’s duties under state law and its obligations under the FDCPA.
In reaching this conclusion, the majority expressly rejected the position put forth by the Consumer Financial Protection Bureau (CFPB),
Continue Reading Ninth Circuit Rejects CFPB Amicus Position as Unpersuasive
