Archive for October, 2007
Yield Spread Premium - What Is It, And Why Do You Care?
The yield spread premium is a confusing and under-explained closing fee that leave borrowers lighter in the pocket once the closing has occurred. Simply put, it is a payment made by a lender to a mortgage broker in connection with a borrower’s mortgage transaction. It is shown on the Settlement Statement (HUD-1), but often [...]
Homeowners May Soon Be Able To Sue Wall Street For Mortgages Gone Bad
House Democrats introduced legislation this week that will allow homeowners to sue Wall Street firms for relief from mortgages that the borrowers never had a realistic chance of repaying.
The bill is part of a broader measure intended to restrict what lawmakers and consumer advocates consider deceptive and improper lending practices in the mortgage market. [...]
Collection of Time-Barred Debts Held Not A Violation of Fair Debt Collection Practices Act
Larry Brewer sued Portfolio Recovery Associates in the matter of Brewer v. Portfolio Recovery Associates, 1:07CV-113-M (W.D.Ky. 2007), alleging claims under the Fair Debt Collection Practices Act. Brewer claimed that Portfolio violated the FDCPA by sending a letter requesting payment on a time-barred debt. The U.S. District Court for the Western District of [...]
Credit Industry Trade Group Issues Guidelines For Reporting Debts
In an informational letter addressing data furnisher responsibilities for third-party collection agencies and debt purchasers, the Consumer Data Industry Association on October 8, 2007 reinforced its recommendation for all data furnishers to convert to the Metro 2 Format.
The Consumer Data Industry Association (CDIA) released an informational letter this month addressing data furnisher responsibilities for third-party [...]
Can a Debt Collector Contact Other People About Your Debt?
If you have an attorney, the debt collector must contact the attorney unless the attorney cannot be contacted readily. If you do not have an attorney, a collector may contact other people but only to find out where you live, what your phone number is and where you work. Collectors usually are prohibited from contacting [...]
