Persons purchasing property from Fannie Mae are not exempt from City transfer taxes, according…

The Seventh Circuit held that private persons who purchase property from Federal Fannie Mae are not exempt from the City of Chicago’s Real Property Transfer Tax. In Federal National Mortgage Association v. City of Chicago, 16-4140 (7th Cir. October, 30, 2017) a group of buyers purchased real property in Chicago…

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Second Circuit affirms that the TCPA does not permit a party to unilaterally revoke…

The Second Circuit Court of Appeals denied a petition for a panel rehearing in Reyes v. Lincoln Automotive Financial Services, 861 F. 3d 51 (2d Cir. June 22, 2017) which serves to affirm the rule that a party to a bilateral contract may not unilaterally revoke his consent to receive…

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California district court holds debt collector not liable under the FDCPA for targeting a…

A California district court held that a debt collector was not liable under the FDCPA for targeting a person with the same name as the debtor because the debt collector never made a false statement and the error in targeting the plaintiff was bona fide. The debt collector in Hedayati…

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Massachusetts’s court rejects mortgagee’s equitable subrogation claim against surviving spouse of mortgagee that did…

A Massachusetts Appeals Court has rejected an attempt by a mortgage assignee using the doctrine of equitable subrogation to impose on a surviving spouse an obligation to pay the balance of deceased husband’s note that was used to refinance their home mortgage loan. In Wells Fargo Bank, N.A., v. Comeau.,…

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Fannie and Freddie Are Reentering the LIHTC Market

On November 16, 2017 the Federal Housing Finance Agency (“FHFA”) announced that Fannie Mae and Freddie Mac (GSEs) will be allowed a limited re-entry into the Low Income Housing Tax Credit (LIHTC) market as equity investors, effective immediately. According to the announcement, each GSE will be subject to an annual…

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OCC Issues Updated Risk Management Principles for New Activities

On October 20, 2017, the OCC issued Bulletin 2017-49 providing updated principles that OCC regulated banks should follow to prudently manage the risks associated with offering new, modified, or expanded products and services (“New Activities”). According to the bulletin, New Activities should be developed and implemented consistently with sound risk…

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CFPB Releases Consumer Protection Principles for Consideration When Developing Services Based on Consumer-Authorized Financial…

On October 18, 2017, the CFPB released a set of principles expressing the CFPB’s vision of maintaining a balance in creating services based on consumer-authorized use of financial data and data aggregation. The principles are intended to apply broadly, but the CFPB indicated that they are particularly applicable to fintech…

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Debtor did not suffer an “informational injury” under FDPCA where she did not seek…

In Wolter v. Anselmo Lindberg Oliver, LLC, No. 16 C 4205 (N.D. Ill. Oct. 4, 2017) the U.S. District Court for the Northern District of Illinois held that a debtor did not suffer a an “informational injury” sufficient to establish standing where she did not seek to compel the debt…

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Illinois Appellate Court holds that Fed Ex shipping label is not conclusive proof that…

An Illinois Appellate Court recently reversed a mortgage foreclosure judgment finding there was a question of fact as to whether the mortgagee had sent the face to face meeting notice to the mortgagors in compliance with HUD rules. In U.S. Bank Trust National Association v. Hernandez, 2017 IL App (2d)…

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Illinois district court finds that Zillow’s “Zestimates” are not appraisals and do not invade…

In Patel v.Zillow, Inc.,No. 17-CV-4008 (N.D. Ill. Aug. 23, 2017) a U.S. District Court found that Zillow’s property valuations are not appraisals, and therefore it does not have to be licensed under Illinois law, and the valuations do not support a trespass claim because they do not invade their privacy.…

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