A U.S. government lawsuit against Bank of America Corp. related to the sale of billions of dollars of toxic mortgage loans to Fannie Mae and Freddie Mac is headed to trial in September. The government brought the case pursuant to the False Claims Act and the Financial Institutions Reform, Recovery […]
Monthly Archives: August 2013
While Fatalities Increased Drivers Less Worried
According to The National Highway Traffic Safety Administration the annual number of traffic fatalities has increased for the first time in seven years. There were more than 34,000 death in 2012. That’s an increase of 5.3 percent. Meanwhile, AAA released survey results that show drivers are less worried about dangerous […]
NY State Reaches Settlement with All Force-Placed Insurers
Insurance reforms pushed by the New York Department of Financial Services now cover 100 percent of the New York force-placed insurance market. The Department of Financial Services recently announced settlements with four New York force-placed insurers (American Modern Insurance, Chubb, Fidelity and Deposit Company of Maryland, and FinSecure), that had […]
CFPB Bans Arbitration Clauses in Certain Loan Agreements
The Consumer Financial Protection Bureau (“CFPB”) implemented a rule, effective June 1, 2013, that prohibits mandatory arbitration clauses in residential mortgage loans or home equity lines of credit. Such loans cannot contain “terms that require arbitration or any other non-judicial procedure to resolve any controversy or settle any controversy or […]