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Legislation in Montana Aimed at Reducing Banks’ Liability in Loss Mitigation

first_img Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Loss Mitigation, News Previous: Florida, Michigan Lead in Completed Foreclosures, But Other Numbers Do Not Correlate Next: HUD: Nearly Half of Loans in Distressed Asset Stabilization Program Have Been Resolved The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Legislation in Montana Aimed at Reducing Banks’ Liability in Loss Mitigation Legislation in Montana Aimed at Reducing Banks’ Liability in Loss Mitigation Banks Loss Mitigation Montana Regulatory Relief 2015-03-13 Brian Honea Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Subscribecenter_img March 13, 2015 1,402 Views Lawmakers, particularly Republicans, who are especially concerned with the mortgage finance industry have been seeking regulatory relief for banks ever since the Consumer Financial Protection Bureau was created in 2011.The same thing is happening at the state level now in Montana, where two bills that were recently heard in the state’s House of Representatives were aimed at reducing the amount of liability for banks in lending and other mortgage practices such as loss mitigation.The two bills were introduced on December 5, 2014, by Montana Republican State Senator Eric Moore. Under SB 280, which “generally revises the loan agreement statute of frauds laws,” a borrower would be allowed to sue a lender over contract fraud only if the alleged violation is in writing, thus reversing a ruling from the Montana Supreme Court last year that permitted the use of verbal discussions between a borrower and a mortgagee as evidence of fraud in court.  SB 281, the stated purpose of which is to “generally revise consumer protection damage laws,” would disallow the awarding of punitive damages when a borrower sues a lender for breach of contract.SB 280 was tabled in committee Friday and SB 281 passed out of committee, according to a source familiar with the matter. The two bills had passed in the Montana State Senate on February 23.”SB 281 only limits damages in Consumer Protection Act claims, not in tort claims,” Al Smith, Executive Director of the Montana Trial Lawyers Association, said in an email to DS News. “We hope that the full House will reject the bill so that consumers will be able to obtain full justice when banks fraudulently and negligently misrepresent the ‘help’ they offer consumers.”Distressed and at-risk Montana homeowners spoke out against the two bills in the state’s House Business and Labor Committee on Thursday, claiming that their respective mortgagees had misled them verbally with regards to loss mitigation practices. The borrowers said they would have had no legal claim against those mortgagees if these bills had been in enacted before they filed their respective lawsuits against their lenders.According to one media report, bankers in Montana have been advised not to talk to borrowers about distressed loans since last year’s Montana Supreme Court ruling, because what the bankers say can be used against them in court. Moore, the bills’ sponsor, told the committee that the bills were “commonsense” and that such legislation was needed to protect banks and other financial institutions from frivolous lawsuits, saying they need to be able to inform borrowers of their options regarding delinquent loans without the worry of getting sued.Foreclosures and seriously delinquent mortgage loans typically occur much less frequently in Montana than in other states. Montana consistently ranks near the bottom among states when it comes to foreclosure statistics – the latest CoreLogic data shows that only three states had fewer foreclosures than Montana’s total of 832 for the 12-month period from February 2014 to January 2015. Montana’s serious delinquency rate of 1.7 percent for January was less than half of the national average of 4 percent for the month. The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Tagged with: Banks Loss Mitigation Montana Regulatory Relief Share Save Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

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Multimillion-dollar listing is coastal suburb’s most viewed

first_imgThe outdoor setting is bordered by a bespoke concrete beam with inset strip lighting. Retractable doors invite the outside in.Foliage including Jasmine drapes over and throughout the property, with retractable doors allowing the outside in.Wall to floor glass is also used extensively. 15 Cleland Crescent, Broadbeach Waters is on the market for $8.495 million.MORE people wanted to buy this modern masterpiece than anywhere else in Broadbeach Waters.According to realestate.com.au, this waterfront house was the most popular listing in the suburb in the past week.The living room with 5.5m ceilings, electronic blinds, fireplace, wall to floor glass and stone features.More from news02:37International architect Desmond Brooks selling luxury beach villa19 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoThe $8.495 million listing at 15 Cleland Crescent sits on 30.5 metres of water frontage with spectacular city skyline views.It’s standout features include a stunning pool and spa setting, 2000 bottle temperature controlled wine cellar and media room.Heated floors feature throughout.last_img read more

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Thurles Sarsfields book place in U21A hurling decider

first_imgThey proved much too good for the West Tipp combination Cappawhite/Sean Treacys in Golden and ran out 2-24 to 1-10 victors.The Mid Tipp outfit had a 1-15 to 1-3 lead at the break in the clubs’ semi-final encounter.Sars – as things stand – will play Carrick Swans in the decider.last_img