The Consumer Financial Protection Bureau (CFPB) recently announced that it had reached an agreement to give students of Corinthian College, Inc. at least $480 million in principal reductions on existing student debt. Former and current students will receive an immediate 40% reduction on existing principal balances of their loans with…
On December 31, 2014, the U.S. Department of Housing and Urban Development entered into a settlement agreement with New York-based Golden First Mortgage Corporation and its president and owner, David Movtady, concerning allegations that Golden First and Movtady violated the False Claims Act by approving FHA mortgage loans that failed…
Recent indications from the Department of Housing and Urban Development (HUD), HUD’s Office of Inspector General (OIG), and quarterly SEC filings by lenders of FHA mortgages, strongly suggest that HUD’s aggressive enforcement actions against FHA lenders over the past few years are likely to continue in the New Year. Lenders…