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What Makes a Loan Illegal and How Your Rights are Violated!

Consumer Damages and Remedies for Truth in Lending Act and Regulation Z Violations

The Truth in Lending Act TILA requires that creditors disclose credit terms and costs at the various stages of open- and closed-end credit transactions (i.e., solicitation, advertising, account opening, consummation, and monthly statements).

Section 1640 of TILA is the civil liability section. It states that creditors who violate any requirement imposed by TILA or Regulation Z are liable to the consumer for the total of all of the following damages that apply:

1) Any actual damages a consumer sustained as ...
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posted by MORTGAGE AUDIT SERVICE November 30, 2008 7:47 PM

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Dealing with the Mortgage Mess

Dealing with the Mortgage Mess Judge Tchaikovsky Does Her Job and Judges

Thursday, May 29, 2008

This is a big deal, and will no doubt strike real fear in the hearts of stated-income lenders everywhere. Judge Leslie Tchaikovsky ruled that a National City HELOC that had been "foreclosed out" would be discharged in the debtors' Chapter 7 bankruptcy. Nat City had argued that the debt should be non-dischargeable because the debtors made material false representations (namely, lying about their income) on which Nat City relied....The court agreed that the debtors had ...
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posted by MORTGAGE AUDIT SERVICE November 10, 2008 10:15 PM

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Bailout Won't Stop Foreclosures

Mike Calhoun

President, Center for Responsible Lending

September 22, 2008
The government plan announced by Treasury Secretary Paulson and Fed Chairman Bernanke fails to deal with the root cause of the crisis -- families in foreclosure -- and instead is purely and simply a bailout of the lenders who created this disaster. The bailout will not solve our economic problems because it will do virtually nothing to stop the foreclosure epidemic. Continuing foreclosures will drag down the economy even further.

A truly comprehensive plan must also benefit ordinary, hard-working Americans, the ones who already ...
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posted by MORTGAGE AUDIT SERVICE September 28, 2008 9:42 PM

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Top Ten Ways Mortgage Lenders Overcharge Homeowners

A survey by the Justice & Integrity Project's National Mortgage Complaint Center reveals the top ten mortgage fee abuses. The problem: in increasing numbers, mortgage lenders and mortgage brokers have overcharged the average U.S. homeowner. The Justice & Integrity Project's National Mortgage Complaint Center discovered the top ten mortgage fee abuses:

1. Yield Spread Premiums: Yield Spread Premiums were designed to increase the borrower's interest rate so that the lender/mortgage broker can compensate themselves for origination fees and other normal mortgage fees with little or no out of pocket cost ...
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posted by MORTGAGE AUDIT SERVICE September 28, 2008 8:00 PM

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