Consumer Financial Services Law Blog
Dykema Gossett PLLC
Dykema Gossett PLLC

Consumer Financial Services Law Blog

Consumer Financial Services Law Blog

News and analysis regarding Consumer Financial Services litigation and regulation, and activities of the Consumer Financial Protection Bureau

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Showing 4 posts in Department of Housing and Urban Development.

HUD’S Distressed Asset Sale Program May Force a Delay in Foreclosures

On April 24, 2015, the U.S. Department of Housing and Urban Development (“HUD”) announced changes it intends to make to its Distressed Asset Sale Program (known as DASP) which will affect mortgage servicers who purchase nonperforming home mortgage loans.  Read More ›

Its Own Medicine: Quicken Loans Alleges Wrongdoing in DOJ and HUD OIG Investigation of FHA Loans

On April 17, 2015, Detroit-based mortgage provider Quicken Loans, Inc. filed suit in the United States District Court of the Eastern District of Michigan against the United States, the Department of Housing and Urban Development (“HUD”), HUD’s Office of Inspector General (“HUD OIG”) and the Department of Justice (“DOJ”). Quicken’s lawsuit represents a unique offensive move, challenging the fundamental fairness of federal investigative techniques which Quicken argues amount to abuse of governmental authority.  Read More ›

Reverse Mortgage Rule re. Surviving Spouses Remanded to HUD

In Bennett v. Donovan, three plaintiffs brought suit against the Secretary of the Department of Housing and Urban Development (HUD) alleging that regulations implementing the Home Equity Conversion Mortgage (HECM) program violated the Administrative Procedure Act (APA).  Read More ›

U.S. Sues Wells Fargo Under False Claims Act

Yesterday (10/9/12), the federal government continued its aggressive assault on financial institutions by filing suit against Wells Fargo, seeking multiple hundreds of millions of dollars in damages and civil penalties under the False Claims Act (FCA) and the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA). The suit, filed in U.S. District Court for the Southern District of New York, claims that for the past 10 years Wells Fargo falsely certified over 6,500 loans to meet the eligibility standards for government insurance. In a press release, U.S. Attorney Preet Bharara claims that his Civil Fraud Unit found, “yet another major bank has engaged in a longstanding and reckless trifecta of deficient training, deficient underwriting and deficient disclosure, all while relying on the convenient backstop of government insurance.” So much for the concept of being innocent before proven guilty. Wells Fargo has denied these allegations and has promised to “vigorously defend itself against this action.” Read More ›