This is certainly missed in the media…
THE CONSUMER FINANCIAL PROTECTION BUREAU penalized a man $1 this week, for illegally exchanging veterans’ pensions for high-interest “cash advances.” Mark Corbett claimed in sworn statements to the bureau that he had an inability to pay any fine of greater value, and the bureau accepted $1 as payment for making illegal, high-cost loans to former members of the armed forces.
Somehow, two other state regulatory agencies, in Arkansas and South Carolina, assisted in the extraction of a single dollar bill from Corbett.
This is not the first time during the Trump administration that CFPB has taken an inability to pay into account to reduce a fine for violations of consumer protection law. Under the previous acting director, current acting White House chief of staff Mick Mulvaney, this type of reduction was so widespread that it came to be known as the “Mulvaney discount.” The American justice system rarely treats impoverished defendants with such mercy.
Original mortgage documents found on separate exposed server
The massive data breach involving more than 24 million mortgage and banking documents just got much, much worse as an investigation unearthed a separate unprotected server that provided access to some of the original documents to anyone who happened upon it online.
The details of the expanded breach come again from TechCrunch, which has done yeoman’s work on exposing this incredible breach in mortgage and banking security.
In the original breach, digital files were located on an unprotected server that contained the information from 24 million mortgage and banking documents, but the data was scraped from the original documents using OCR, a computer process that converts paper documents into electronic documents.
The original mortgage documents were converted into digital files that were not easily readable, but people’s highly sensitive personal information, including names, addresses, dates of birth, Social Security numbers, and other information was accessible in the database for at least two weeks.
Here we go again..
Employee says she was fired after spotting falsified borrower info and other violations
Lennar subsidiary Eagle Home Mortgage is in hot water yet again.
Just a month after settling charges with the Department of Justice for failing to comply with FHA lending standards, a new lawsuit brings the lender back into the crosshairs of justice.
According to a lawsuit filed in November, Eagle Home Mortgage falsified borrower documents to increase the likelihood of approval, approved borrowers who were unqualified, and hid negative findings on audited loans from regulators.
But Eagle is apparently still desirable, despite the pending lawsuit. On Wednesday, HousingWire reported that Movement Mortgage is buying Eagle’s retail operations from Lennar, although it should be noted that the lawsuit in question deals with the in-house builder mortgage division of Eagle Home, which is remaining part of Lennar. Movement Mortgage is only buying Eagle Home’s retail operations, which are not part of the lawsuit.