Ally Financial Agrees to Pay $52 Million to Resolve Mortgage-Backed Securities Lawsuit

Ally Financial Agrees to Pay $52 Million to Resolve Mortgage-Backed Securities Lawsuit

(Source: USDOJ) LOS ANGELES– Ally Financial Inc. has agreed to pay the United States $52 million to settle allegations that its subsidiaries acted improperly in relation to 10 subprime residential mortgage backed securities (RMBS) in 2006 and 2007.

A settlement agreement announced today resolves an investigation into alleged violations of the Financial Institutions Reform Recovery and Enforcement Act (FIRREA), specifically conduct related to the packaging, securitization, marketing, sale and issuance of the RMBS. (more…)

12 Month Bank Statement Mortgage Loan

12 Month Bank Statement Mortgage Loan

Many self-employed business owners, contract employees, and salespeople who work under the tax status of a 1099, sometimes have trouble qualifying for a mortgage because it is difficult to track and prove their income. They tend to write off many expenses, so their tax returns don’t really show their true income which makes qualifying for more traditional loan programs such as conventional, FHA, and/or VA financing very difficult, if not impossible.

This is where flexible mortgage programs such as Portfolio Lending Programs for borrowers with non-traditional lending needs, and unique financing scenarios comes into play. (more…)

Mortgage Banker’s Association Denied Petition of Exemption from the Telephone Consumer Protection Act (TCPA)

Mortgage Banker’s Association Denied Petition of Exemption from the Telephone Consumer Protection Act (TCPA)

The Federal Trade Association (FTC) announced this week that the Mortgage Banker’s Association (MBA) was denied the petition seeking an exemption from prior-express-consent requirement of the Telephone Consumer Protection Act (TCPA).

The FTC had stated that the MBA has not shown, as a threshold matter, the exempted calls would be free of charge to called parties. Separately, we find that MBA has not shown that it should be able to make or send non-time-sensitive
robocalls, including robotexts, to consumers without first obtaining consumer consent. We thus deny MBA’s request.

Here is the full PDF of the denial.

mbe-petition-denied
Mark Stopa: Tampa Bay foreclosure defense lawyer in trouble again with the Florida Bar

Mark Stopa: Tampa Bay foreclosure defense lawyer in trouble again with the Florida Bar

One of Florida’s most well-known foreclosure defense attorneys, Mark Stopa is in trouble again with the Florida Bar.mark-stoppa

The Tampa Bay Times reports:

“In its second complaint against him since 2013, the Florida Bar details two instances in which Stopa’s clients nearly lost their homes — one, when he failed to tell her that he had made a cash-for-keys deal; the other, when he failed to tell her that she had been approved for a trial loan modification. (more…)