Separately, federal regulators have ordered banks to improve their mortgage servicing and
foreclosure practices after widespread revelations in 2010 that banks improperly repossessed the homes of delinquent borrowers through a system rife with errors and misconduct.
Not exact matches
According to a 2013 press release that explained the new QM rules, CFPB officials stated: «The rule also protects borrowers from risky lending
practices such as «no doc» and «interest only» features that contributed to many homeowners ending up in delinquency and
foreclosure after the 2008 housing collapse.»
According to a 2013 press release that explained the new QM rules, CFPB officials stated: «The rule also protects borrowers from risky lending
practices such as «no doc» and «interest only» features that contributed to many homeowners ending up in delinquency and
foreclosure after the 2008 housing collapse.»
The 2013 lawsuit alleged that Citigroup's directors breached their duty of loyalty in two ways: (1) by permitting Citibank to engage in unlawful
foreclosure and mortgage servicing
practices through the implementation of inadequate internal controls; and (2) by failing to issue a supplemental proxy describing the terms of a consent order with the Office of the Comptroller of the Currency to resolve investigations into Citibank's mortgage servicing operations, into which Citibank entered
after Citigroup had issued its 2011 proxy materials, but before its 2011 shareholders» meeting.
According to a 2013 press release that explained the new QM rules, CFPB officials stated: «The rule also protects borrowers from risky lending
practices such as «no doc» and «interest only» features that contributed to many homeowners ending up in delinquency and
foreclosure after the 2008 housing collapse.»
The reviews are part of the mortgage servicer requirements called for by regulators
after an investigation last fall revealed improper
foreclosure practices by banks.