CFPB targets zombie foreclosures

The CFPB has been taking a hard-lined stance when enforcing RESPA, including sending the most serious offenders to jail. The CFPB also has authority to enforce TIL; to read that it is turning its attention to those lenders that engage in ‘zombie foreclosures’ is a good thing for consumers as well as for those who practice in the real estate industry.

Democrats hammer CFPB head for being soft on lenders. committee have identified CFPB as a top oversight target.. helped precipitate the 2008 financial crisis and led to millions of home.

The Consumer Financial Protection Bureau (CFPB) is reportedly investigating how banks are handling ‘zombie foreclosures’ – homes in foreclosure that have been vacated by the homeowner before foreclosure proceedings have been completed, and thus are in ‘limbo’ – to see if more can be done to address the problem.

Bank of America halts foreclosures in all states Bank of America is halting foreclosures and sales of foreclosed properties in all 50 states until it can complete an internal review of its processes. BofA is the country’s largest mortgage servicer.

Remember Florida’s foreclosure crisis? Residents do as they head to the polls – Less than a decade ago, however, the country instead was watching the state fall apart due to a heaping amount of homes going into foreclosure, a problem the state is still addressing. According to.

Continuing to fill in gaps at the federal level, state attorneys general are keeping busy with enforcement actions, and on issues that might have received more CFPB attention under the old Cordray.

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The CFPB’s proposed rules — which have to be put through a series. Interest rates are high — usually in triple digits. The target customer is low-income and lives paycheck to paycheck. Although.

The CFPB also said that it has joined a task force, led by several industries, to identify the hundreds of thousands of homes that have become zombie foreclosures. Zombie foreclosures usually.

CFPB Mortgage Examination procedures servicing cfpb january 2014 Procedures 1 Mortgage Servicing After completing the risk assessment and examination scoping, examiners should use these procedures, in conjunction with the compliance management system review procedures, to conduct a mortgage servicing examination.

A great example of this is the recent “sweeping” regulations on zombie foreclosures in New York City. While the U.S. Senate could soon consider new rules governing the maintenance of foreclosed homes.

 · Hummelstown native Keith Ori is a celebrity in the world of extreme house flipping. As one of four members of the FYI network show, "Zombie House Flipping," Ori, a real estate investor, can’t go.