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Mar
11

Texas Disclaimer

  • Posted By : karla@karlav.com/
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TERMS AND CONDITIONS – USE OF THIS WEBSITE:

Access to and use of this website is subject to the Terms and Conditions listed below. Use of this website, other than to read these Terms and Conditions without accepting them, constitutes your agreement with and to comply with these Terms and Conditions.

The information contained in this website is for general information purposes only and is not intended to collect a debt. Aldridge Pite, LLP reserves the right to revise any information on this website at any time. Further, Aldridge Pite, LLP does not guarantee the accuracy of any information contained on this website. Users assume all risk for use of this website and the information contained therein.

If a property appears in the Foreclosure Listings section of this website, it is not intended to reflect upon a mortgagor’s, owner’s or occupant’s credit worthiness. There are many events that can trigger foreclosure other than nonpayment. Additionally, the mortgagor, owner or occupant may not have any personal liability for payment of any debt secured by the property.

ALDRIDGE PITE, LLP MAKES NO REPRESENTATIONS OR WARRANTIES THAT THE PROPERTIES LISTED ON THIS WEBSITE WILL BE FORECLOSED ON THE DATES INDICATED HEREIN OR AT ANY OTHER TIME. THE BID AMOUNTS LISTED HEREIN ARE SUBJECT TO CHANGE AT ANY TIME WITHOUT NOTICE. ALDRIDGE PITE, LLP MAKES NO REPRESENTATIONS OR WARRANTIES THAT BIDDING ON THE PROPERTIES LISTED ON THIS WEBSITE WILL BEGIN AT THE AMOUNTS SET FORTH HEREIN.

THE ACCURACY OF THIS WEBSITE IS NOT GUARANTEEED. YOU MUST ATTEND THE SALE IN-PERSON AS INDICATED IN THE FORECLOSURE DOCUMENTS TO ENSURE YOU HAVE THE MOST CURRENT INFORMATION.

Aldridge Pite, LLP makes no representations with respect to the status of title to or the existence of liens or other encumbrances on any of properties listed in the Foreclosure Listings. Users of this website or those parties bidding at a foreclosure sale conducted by our firm should obtain independent title examinations of the properties to confirm the status of title to or the existence of any lien or other encumbrance thereon of any property listed herein. Further, Aldridge Pite, LLP makes no representations regarding the condition of the properties identified in the Foreclosure Listings. Users of this website or those parties bidding at a foreclosure sale conducted by our Firm should independently confirm the condition of any property prior to bidding at any foreclosure sale.

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These Terms and Conditions constitute the entire agreement between Aldridge Pite, LLP and any users of this website and these Terms and Conditions supersede any and all prior understandings and agreements, oral or written, relating to this website or the information contained in this website. These Terms and Conditions shall be construed under the laws of the State of Georgia.


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Aug
01

Federal Reserve Bank of Atlanta Hosts Volcker Alliance

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Jul
30

FDIC Consumer Compliance Supervisory Highlights: Spotlight on ECOA and TILA violations

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Jul
30

House Financial Services Committee Hosts Hearing Examining Student Loan Servicers

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House Financial Services Committee Hosts Hearing Examining Student Loan Servicers

By Morgan Clemons on June 11, 2019
The House Financial Services Committee hosted a hearing on June 11, 2019 at 10:00 am EST: An Examination of State Efforts to Oversee the $1.5 Trillion Student Loan Servicing Market.  The individuals testifying before the committee included:
  • Joanna K. Darcus, Staff Attorney with the National Consumer Law Center
  • Joe Sanders, Student Loan Ombudsman of the Illinois Attorney General’s Office
  • Nicholas Smyth, Pennsylvania Office of the Attorney General Consumer Financial Protection Unit
  • Arwen Thoman, Massachusetts Attorney General’s Office
  • Scott Buchanan, Executive Director of the Student Loan Alliance
Much of the testimony focused on “forbearance steering” vs. income-driven repayment options and state enforcement actions.  Buchanan noted that the CFPB complaints have decreased and that state efforts related to student loan servicing would create conflicting requirements. Topics covered also included the role of the creditor vs. the servicer vs. the debt collector, the Department of Education, the relationship of internal policies and/or incentives to the profitability of servicers; defining fiduciary duty; underwriting; and the student debt crisis representing 7.8% of U.S. GDP.
  • Representative Andy Barr (R-KY) indicated that Democrats “nationalized” student loans and noted that servicers do not set loan terms, loan interest rates, what school to attend, nor how much student loan debt the borrower should accumulate.
  • Representative Ayanna Pressley (D-MA) referenced “disparate impact” and discrimination in servicing.
  • Representative Sylvia Garcia (D-TX) inquired about data on women and student loan debt.
  • Representative Katie Porter (D-CA) likened the testimony of the Executive Director of the Student Loan Alliance to the testimony of Countrywide representatives.
  • Representative Ed Perlmutter (D-CO) inquired as to the effects to the servicing industry if student loan debts were dischargeable in bankruptcy.
  • Representative Barry Loudermilk (R-GA) referenced the “astronomical” cost of education and the rigorous truth in lending disclosure statements for buying a home and buying a car. Loudermilk’s concerns focused on disclosures to student loan borrowers during the origination process and requirements related to underwriting and/or a student borrowers’ ability to repay loans. 
  • Representative John Rose (R-TN) inquired whether the pending cases against student loan servicers were akin to CFPB regulation by enforcement and argued that former CFPB Director Richard Cordray was focused on self-promotion rather than consumer protection.

Newberry Note:

I didn’t take away a great deal from the House Financial Services Committee Hearing other than there was no consensus on student loan lending or administration.  Some feel that student loan debt is predicted as the next great financial crisis.  Based on my 35+ year career in the financial and banking industry, including the S&L crash, the dot com bubble burst, and the more recent mortgage crisis, it would be prudent for all sides and all viewpoints to be considered, discussed, and debated, in order to reach a consensus.  In the interim, student loan lenders and servicers should ensure that they are striving to meet all federal and state requirements regarding the loans that they make and/or service.  Every consumer complaint received via the CFPB or a State Regulator should be reviewed meticulously for material or systemic issues firstly as a matter of overall fairness, and secondly in preparation for an unknown future.  In my view, these compliance and control efforts will pay dividends in that unknown future.

About the A|P Regulatory Compliance group: Aldridge Pite’s Regulatory Compliance Group is composed of former financial institution regulators.  Attorneys in the group speak on financial services compliance and quality control topics at national conferences, have been recognized or honored by financial industry groups as well as attorney peers, and have authored articles for academic and industry publications. 

Disclaimer: Under the laws of some jurisdictions, this blog may be considered attorney advertising.  There may be links that we include in our blog.  Aldridge Pite LLP does not control linked third-party websites and is not responsible for the content or links in such websites.  This blog was created for general informational and/or educational purposes only. The information in the blog does not create an attorney-client relationship with Aldridge Pite LLP nor any of the firm’s attorneys. The information provided in the blog should not be construed as legal advice or legal opinion on any specific facts or circumstances. You are encouraged to consult a licensed attorney for legal advice on your specific situation.


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  • Georgia Disclaimer
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  • Federal Reserve Bank of Atlanta Hosts Volcker Alliance
  • FDIC Consumer Compliance Supervisory Highlights: Spotlight on ECOA and TILA violations
  • House Financial Services Committee Hosts Hearing Examining Student Loan Servicers
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