The Federal Reserve is trying to roll up a key law that allows borrowers to challenge predatory lending. Under “rescission” rules, if a borrower can prove that a mortgage loan was created in a predatory way, they can basically nullify the bank’s right to foreclose. Under the Fed’s new proposal, borrowers would have to pay [...]

In addition to the courts, the state Attorneys General and investors wanting to put back soured mortgages on them, the banks have had to increasingly contend with direct action at their worksites. Thursday in downtown Los Angeles, 22 activists, including the head of SEIU Local 721 and members of ACCE (the Alliance of Californians for [...]

That’s Bruce Marks of NACA, calling David Lowman from Chase Home Loans a liar to his face yesterday. And a lot of members of the Senate were only slightly more cordial to Lowman. One positive outcome from yesterday’s foreclosure fraud hearing on Capitol Hill was that it got some Senators extremely energized about the activities [...]