March 20, 2013
SEC. 1471. PROPERTY APPRAISAL REQUIREMENTS. Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is amended by inserting after 129G (as added by section 1464(b)) the following new section: ‘‘§ 129H. Property appraisal requirements ‘‘(a) IN GENERAL. —A creditor may not extend credit in theform of a higher-risk mortgage to any consumer […]
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July 29, 2011
We just heard that the City of Chicago has passed an ordinance that redefines the “owner” of vacant properties to include banks and other financial companies. Although mortgage holders and their mortgage servicers have always had a fiduciary duty to protect the value of properties either delinquent or under foreclosure proceedings, it would appear that […]
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