On April 14, 2016 the Federal Housing Finance Agency (FHFA) announced what it described as its final loss mitigation initiative of the foreclosure crisis, a “Principal Reduction Modification Program.” The Program will apply to a limited number of loans owned or insured by Freddie Mac or Fannie Mae. Borrowers will not be able to apply for these modifications. Instead, during the latter half of 2016...

On March 22, the Supreme Court ruled, despite differences among class members, that representative and statistical evidence could be the basis for a class certification ruling. The case is described more fully in this article.

A unique treatise covering the TCPA, FTC Holder Rule, Other FTC and CFPB Rules, RICO, false claims acts, regulation of telemarketing and debt relief services, and more, as summarized in this article.

Two circuits earlier this year held arbitration inapplicable to non-signatories, and another two circuits (despite Italian Colors) ruled that arbitration cannot limit federal statutory rights through high fees or the use of tribal law. More detail can be found in this article

It is increasingly likely that cases currently awaiting decision before the Supreme Court will be decided by eight justices. Two of the cases argued last fall and now awaiting decision could have dramatic impacts on consumer law and class action practices, and this article describes the implications if those cases result in a 4 to 4 tie. Spokeo v. Robins Described Spokeo v. Robins is a Fair Credit...

This article summarizes six new reported FDCPA appellate decisions handed down mid-November, 2015 though early January, 2016. In addition, FDCPA practitioners should be aware of the following: The Supreme Court’s decision in Campbell-Ewald Co. v. Gomez, ___ U.S. ___, 2016 WL 228345 (Jan. 20, 2016), clarifying certain TCPA issues as discussed in this article and making it much more difficult for...

The Supreme Court’s January 20 Gomez decision holds that an unaccepted settlement offer or offer of judgment making the class representative whole does not moot out a class action. This important decision for consumer class actions is discussed here.

On Tuesday, January 20, 2016, in Campbell-Ewald Co. v. Gomez, ___ U.S. ___, 2016 WL 228345 (Jan. 20, 2016), the Supreme Court held that an unaccepted Rule 68 offer did not moot a TCPA class action. (A separate article will discuss the Rule 68 holding.) The decision includes several important TCPA holdings as well. Chapter 6 of NCLC’s Federal Deception Law (2d ed. 2016, to be released in early...

**This exclusion has been extended to income forgiven in 2017. Read more here.** On December 18, 2015, President Barack Obama signed the Consolidated Appropriations Act of 2016, Public Law 114-113 (129 Stat. 2242; 887 pages), which includes a two-year extension of the qualified principal residence indebtedness exclusion that had expired at the end of 2014. The qualified principal residence...

On December 14, the Supreme Court issued its decision in DirecTV, Inc. v. Imburgia, reversing a California Court of Appeals decision from last year. The case involved a clause in DirecTV’s consumer arbitration agreement that expressly prohibited class actions in arbitration but also provided that, “[i]f . . . the laws of your state would find this agreement to dispense with class arbitration...

Starting December 17th student loans disbursed before Oct. 2011 should be eligible under REPAYE for the same favorable income-driven repayment terms offered to borrowers with more recent loans (under IBR and PAYE). The details are found in this article.

All bankruptcy forms required to institute a case have significantly changed, for cases filed starting December 1. This article provides online links to step-by-step advice from one of the nation’s experts on how to complete the new forms.

What you need to know about the new CFPB proposal and seven other new limits on forced arbitration, summarized in this article.

For closed-end mortgage loan applications received on or after October 3, 2015, a single TILA/RESPA integrated disclosure regime now applies. The former rules continue to apply to covered mortgage loans for which applications were received before October 3, 2015 and to new loans not covered by the new amendments. NCLC’s Truth in Lending (9th ed. 2015) (two volumes) and its online version describes...

An FCC ruling this summer tightens the screws on collectors calling or texting cell phones, with TCPA minimum damages of $500 per call or text. Limits on wrong number calls or texts, no autodialed calls without consent, and it is now easy to withdraw that consent, as explained in this article.

New IRS regulations, attorney general settlements, and CFPB actions offer key new protections relating to delinquent medical debt. These are all covered in the updated online version of Chapter 9 of NCLC’s Collection Actions (3d ed. 2014). Click on highlight updates at the top of a page to see the new changes added since the print edition. Highlights include: Section 9.3.1: in-depth discussion of...

New requirements, interpretations and issues have been raised in 2015 as to federal mortgage servicing requirements. These are all covered in the updated online version of Chapter 3 of NCLC’s Foreclosures and Mortgage Servicing (5th ed. 2014). Click on highlight updates to see the new changes added since the print edition: Section 3.2.2: this new section addresses the question of whether RESPA...

The Talent-Nelson Military Lending Act (MLA), 10 U.S.C. § 987, enacted in 2006, imposes a 36% interest rate cap, bans mandatory arbitration, and imposes other restrictions on “consumer credit” extended to service members and their dependents. The MLA thus applies to more than 5 million Americans. The MLA though applies only to an individual who, at the time he or she becomes obligated on a...

On May 28, 2015, the FTC announced new changes to its rules under the Magnuson-Moss Warranty Act that, effective July 20, 2015, will significantly aid private consumer warranty litigation. The details and impact of the new rules are reflected in revised versions of Chapters 2 and 13 of NCLC’s Consumer Warranty Law, now available on-line. Chapter 2 is also fully updated with all the latest Magnuson...

The Supreme Court on June 1 has just held in Bank of America, N. A. v. Caulkett that a wholly underwater mortgage cannot be stripped off and voided using Bankruptcy Code § 506(d) in a chapter 7 bankruptcy case. The decision should have little impact on consumer bankruptcy cases, since most courts (except those in the Eleventh Circuit) had previously held that mortgage strip off in chapter 7 was...