Wall Street Working to Dismantle Provisions of Dodd-Frank

There’s a lot to feel optimistic about in 2015 in terms of the economy. There are still a few lingering issues that need to work themselves out, like the job market. Still, a lot of people on Main Street are just now feeling optimistic about the future. They say that the recession ended in 2010, but it’s taken much longer for Main Street to feel like things have improved.

Even as we all want to forget about the recession and focus on the future, I am convinced that we need keep an eye on what’s happening with financial reforms, such as Dodd-Frank. Wall Street is working hard to dismantle provisions that were put in place to keep our financial system sound.

The bankers had a good month in December. There are two situations I want to talk about in this post: First, the delay for banks in implementing the Volcker Rule, and second, the REPEAL (yes, the REPEAL) of the restriction on derivatives trades.

I am disturbed by this, but I’m not sure it’s that’s big of a deal. I’ll tell you more at the end of this post and in a follow up post.

But first, let’s talk about the delay in implementing the Volcker Rule.

The Federal Reserve has granted Wall Street a two year delay in implementing the Volcker Rule. In case you aren’t familiar, banks bought shares in thousands of private equity and venture capital funds before the 2008 financial crisis. The Volcker Rule, named … read more . . .

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SCOTUS Sides with Homeowners with TILA Interpretation

SCOTUS Clarifies TILAIn case you missed it, here’s a link to the United States Supreme Court’s decision in Jesinowski et ux. v. Countrywide Home Loans, Inc., et al. I have also embedded the decision below.

This is a nice win for homeowners, because it is the final word on rescission. SCOTUS sided with the homeowners on this one, holding that borrowers exercising their right to rescind mortgages under the Truth in Lending Act (“TILA”) only need to provide written notice to creditors within three years of the loan being issued. They are NOT required to bring a lawsuit within that period.

Also, note that SCOTUS only addressed the when of the notice and not the how, because TILA doesn’t say anything about how notice is to be given.

You probably remember that TILA gives borrowers the right to rescind certain loans up to three years after the loans were issued when the borrowers do not receive the required disclosures. TILA provides that a borrower “shall have the right to rescind … by notifying the creditor … of his intention to do so.”

Homeowners rights were expanded under TILA in 1980, and since then, the courts have interpreted the Act differently. That meant that in some federal courts, homeowners were only required to give notice within the three years, and in others they were required to file a lawsuit.

And we all know how those lawsuits fared — most of them were losers for homeowners. How many homeowners raised TILA issues … read more . . .

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Price Increases Coming in 2015

Price Increase Coming in 2015I have decided to give myself a raise by increasing my prices across all services I presently offer.

Not only is it long overdue, but my hope is that higher prices will attract more of the clients I really would like to work with. I’d like to work with more attorneys and borrowers who are motivated to stand up to the bank and who have the resources to do so.

This price increase also reflects a shift in my personal outlook. I am personally ready to “graduate” to some next level experiences around money. I’ve also “paid my dues” and I am feeling more confident about my value proposition to clients.

The prices of the Do It Yourself Mortgage Review resources will also increase at the beginning of 2015. You still have plenty of time to order your products at the current prices before the price goes up. I will post and send out a few reminders. As we get into the holiday season things will get busy so I’d encourage you to make your purchase decision early before your money is allocated toward holiday celebrations.

Use coupon code STEINBERGER* to get 20% off everything for sale on the DIY Mortgage Review site. This coupon is code is going to remain available for an undetermined amount of time and can expire at any time.

I don’t have all the price increase details ironed out yet, so please check back to the About page for more details.

If you would like … read more . . .

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Foreclosures: Where We Are Now, and Who is Still Hanging On

I hope you had a great summer!  I just posted about the Arizona Supreme Court’s denial of the bank’s Petition for Review, and it seemed like a good time for an update. I have personally been busy doing a lot of other things besides foreclosure defense related stuff.

I’ve said this before, but I’m not convinced there is much more that I can contribute to the discussion. I was talking to Barbara Forde about this the other day, and she says there’s more work to be done in Arizona. I am not sure how that looks for me, so for now, know that I will be posting sporadically and probably only when I have something meaningful to say.

With the announcement of the denial of review on Steinberger, it seemed like a good time to reevaluate where things are heading in the foreclosure discussion. Things have definitely settled down and shifted more favorably toward homeowners. I can remember a time when things shifted so rapidly in foreclosure defense that it was sometimes hard to keep up! It’s an interesting contrast.

So where are we now? I think most of us are recovering from the recession. It’s taking a lot of work, longer than we’d all like, and it’s demanding of our time and resources. I am working on several projects that are very rewarding and yet demanding, too. It seems like there is always a lot of work to do and not always enough time to get it … read more . . .

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Arizona Supreme Court Denies Bank’s Petition for Review in Steinberger

Arizona Supreme Court Denies Bank's Petition for Review in SteinbergerI am pleased to announce that the Arizona Supreme Court has DENIED the bank’s Petition for Review in Steinberger. The denial is embedded below.

The Supreme Court frequently denies certiorari (the term used to deny hearing a case) to cases. If you’ve ever heard the media frenzy over the United State Supreme Court cases, you know they typically only agree to hear a handful each year.

In the instance of the Steinberger decision, this means that the lower court’s decision stands, which means it’s now law in Arizona. The courts are supposed to follow the decision as precedent.

If you haven’t read the Steinberger decision or Barbara Forde’s guest posts about how it changed the laws, you can read Steinberger here and Barbara’s guest post on Steinberger here.

For those of you with shorter attention spans, it’s a great decision for homeowners. It’s particularly personal for me because I worked with Ms. Steinberger on the details of her loan, and she went on to work with Barbara Forde.

There were a couple of times in this case that were awful. I’m not going to dredge all that up, but I feel vindicated after the bumpy ride, even if I have been behind the scenes. I am sure I am crowing as if I did all the work (I definitely did not do all the work!!), but the Steinberger decision means a lot to me personally. I feel especially good about the outcome because it will benefit all Arizona homeowners … read more . . .

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