Live Well Financial’s abrupt closing leads to host of problems; HUD rejects plan to bring air conditioning to hundreds of San Antonio renters; CFPB details plan to reconsider and potentially eliminate existing rules; appeals court revives class-action suit against Nationstar for redundant flood insurance
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The suit is the third putative class action Alhassid has filed against Nationstar over the loan. As part of that reverse mortgage, Nationstar had the right to buy and charge Alhassid for flood.
According to a class action suit against the banking giant, customers are being subjected to a "bait-and-switch" approach, where they are informed at closing that they must meet certain flood insurance requirements, but are later forced to pay for additional and unnecessary flood insurance. The High Cost of Forced-Placed Flood Insurance
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A federal appeals court in Florida overturned a previous ruling last week that will mean Nationstar will now have to face allegations that it violated Florida law by charging homeowners for unnecessary flood insurance. In a unanimous decision, judges in the 11th Circuit Court of Appeals revived part of a Florida condo owner’s claims against [.]
· While there are at least a half-dozen pending class-action suits against banks over force-placed insurance practices, relief for consumers is slow in coming and is unlikely to cover all the.
On May 2, 2016, the First Circuit Court of Appeals reinstated a $5.9B suit brought by the federal home loan bank of Boston (“FHLBB”), alleging that Moody’s Corp and Moody’s Investor’s Service, Inc. (together, “Moody’s”) knowingly provided false ratings on certain Residential Mortgage-Backed Securities purchased by FHLBB.
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CLASS ACTION PARTICULARS Parties/Actions: Rodriguez & Sons Pty Ltd vLynette Joy Lynch v Queensland Bulk Water Authority trading as Seqwater (commenced 23 Dec 2016)