James R. Ackley: Responding to Disaster, A Contemporary Approach to Foreclosure Defense

By James ‘Randy’ Ackley The consequences of a family losing their home, it goes without saying, are horrendous. Helping people who have lost their homes is one of the most rewarding, yet heartbreaking, vocations a person can experience. I have been privileged to have had the opportunity to help families left homeless by both natural and human caused disasters around the world. From Hurricanes, like Andrew and Katrina and tornados and floods, to armed conflict in Kosovo, economic collapse in … Continued

Liquidity Crises in the Mortgage Market

Abstract Mortgage Crisis – Nonbanks originated about half of all mortgages in 2016, and 75% of mortgages insured by the FHA or VA. Both shares are much higher than those observed at any point in the 2000s. We describe in this paper how nonbank mortgage companies are vulnerable to liquidity pressures in both their loan origination and servicing activities, and we document that this sector in aggregate appears to have minimal resources to bring to bear in a stress scenario. … Continued

CFPB Issues Final Rule To Help Mortgage Servicers Communicate With Certain Borrowers Facing Bankruptcy

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today issued a final rule to help mortgage servicers communicate with certain borrowers facing bankruptcy. The final rule gives mortgage servicers more latitude in providing periodic statements to consumers entering or exiting bankruptcy, as required by the Bureau’s 2016 mortgage servicing rule. The Truth in Lending Act requires mortgage servicers to provide periodic statements to borrowers, and the Bureau has developed sample forms for servicers to use. The 2016 mortgage servicing … Continued

Single-Family Rental Industry: Companies Keep Tenant Security Deposits, Pad Move-Out Statements

Industry Update Second Class Petty Officer Jonathan Stacy had always thought of himself as capable of handling whatever the U.S. Navy threw at him. Then he met his match: American Homes 4 Rent, the Agoura Hills, California-based real estate investment trust that leases single family homes it snapped up in the wake of the 2008 real estate crash. First came the broken air conditioning in Stacy’s Jacksonville Florida home in the summer of 2014; he paid $300 to fix it … Continued