Consumer Finance Law Blog

Consumer Finance Law Blog

Developments and Analysis of Consumer Financial Services Laws, Rules, and Regulations

Category Archives: Subprime

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Minnesota Enacts Mortgage Licensing Law

Posted in Legislative Developments, Regulatory Developments, Subprime
On May 15, 2010, the Governor of Minnesota signed into law the Minnesota S.A.F.E. Mortgage Licensing Act of 2010 (Minnesota S.A.F.E. Act), which requires that mortgage loan originators be licensed by July 31, 2010, the act’s effective date. In passing the law, Minnesota joins the other 49 states and the District of Columbia in enacting legislation … Continue Reading

Are Financial Institution Executives Becoming an Uninsurable Risk?

Posted in Insurance Coverage & Recovery, Subprime
You may have noticed that premiums for Directors and Officers Liability (“D&O”) insurance are skyrocketing, largely as a result of the subprime lending crisis, stock market volatility, and the ensuing financial uncertainty. According to the American Banker, since 2008 D&O premiums, depending on the coverage type, have increased between 15% to 40% since last year. … Continue Reading

NAACP To File Subprime Suits Against Wells Fargo and HSBC

Posted in Class Action, Subprime
The latest class action complaints alleging improper subprime lending practices are due to be filed against two banks today. The NAACP plans to file separate class action lawsuits today against Wells Fargo and HSBC. According to news reports, the suits, which will be filed in district court in California, allege that those banks engaged in deliberate discriminatory … Continue Reading