Current Industry News
Attorney General Becerra Urges California Supreme Court to Hold Mortgage Servicers Responsible and Protect the Rights of Homeowners
SACRAMENTO – California Attorney General Xavier Becerra today filed an amicus brief in support of the rights of homeowners in Sheen v. Wells Fargo Bank, a case under review by the California Supreme Court. The Court granted review in this case to determine whether mortgage loan servicers owe struggling homeowners a duty to act with reasonable care when handling their requests for mortgage modification.
CFPB Faces Contention On Loan Data For Minority, Women-Owned Businesses
The Consumer Finance Protection Bureau (CFPB) has a new plan for how it looks at data from minority- and women-owned businesses, according to a report from Morning Consult. The issue has been a contentious one for some time, as the CFPB has delayed making rules on a section of Dodd-Frank that requires the collection of data to determine whether minority- and women-owned businesses have equitable access to funds.
Schumer, Warren propose forgiving $50,000 in student debt for borrowers due to pandemic
Senate Minority Leader Chuck Schumer, D-N.Y., and Sen. Elizabeth Warren, D-Mass., announced a resolution Thursday that would broadly cancel federal student loan debt due to the coronavirus crisis. The resolution calls on President Donald Trump to take executive action to forgive up to $50,000 in debt for borrowers. The economic aftermath from the pandemic, which caused unemployment to spike and wages to fall, has made it nearly impossible for many borrowers to repay their college loans, the senators said.
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