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‘Shared Appreciation’ Mortgage Modifications for Underwater Homeowners On the Horizon in New York

The New York Department of Financial Services (DFS) is proposing to expand the mortgage relief options available to “underwater” homeowners, who owe more than the current market value of their homes. The DFS’ proposed regulations would authorize and encourage “Shared Appreciation”...

The Rise of the States: #4 in Financial Fraud Law’s Top 10

When it comes to financial fraud law, a great deal of interest typically is focused on what the federal government does. But the Financial Fraud Law Blog and the authors of articles in the Financial Fraud Law Report also recognize the importance of state prosecutors and regulators in this area. Indeed...

New York Puts ‘Indefinite Hold’ on Ocwen Financial’s Purchase of Mortgage Servicing Rights from Wells Fargo

The New York Department of Financial Services (“DFS”) has put an indefinite hold on Ocwen Financial Corporation’s agreement to purchase from Wells Fargo Bank, N.A., mortgage servicing rights on a portfolio consisting of approximately 184,000 loans with a total principal balance of ...