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24 Feb 2014
by Neil Devlin

The 2008 financial crisis cost investors, consumers and businesses alike. Sub-prime lending practices devolved into a riskier regime from their time of inception to address disproportionate ratios in racial borrowing power in the 1980s to the housing bubble of the early 2000s. The bubble was popped by too many homeowners … [read more]

Academic Commentary
6 Dec 2011

JURIST Guest Columnist Jules Lobel of the University of Pittsburgh School of Law says that if the Occupy Movement can create organizational forms that combine its democratic, egalitarian origins with ongoing direct action, a narrative of solidarity, equality and democracy over the long term, it will have made a major … [read more]

Legal News
3 Feb 2011
by Sarah Posner

[JURIST] The Superior Court of California County of Los Angeles [official website] on Wednesday approved [opinion, PDF] a $6.5 million settlement between the state of California and two former Countrywide Financial Corporation executives accused of predatory lending. The lawsuit alleged that Countrywide lured borrowers with low teaser rates prior to … [read more]

Legal News
10 Jan 2011
by Dwyer Arce

[JURIST] The US Supreme Court [official website; JURIST news archive] on Monday remanded [order, PDF] the case of Madison County v. Oneida Indian Nation [docket; cert. petition, PDF] to the US Court of Appeals for the Second Circuit, ordering the lower court to reconsider its ruling. The Second Circuit ruling … [read more]

Legal News
9 Jan 2011
by Sarah Paulsworth

[JURIST] The Massachusetts Supreme Judicial Court [official website] issued a decision [text, PDF] on Friday ruling against banks in two foreclosure cases that could have important implications on similar cases both inside and outside of the state. In the consolidated decision Justice Ralph Gants [official profile] ruled that neither US … [read more]

Legal News
18 Dec 2010
by LaToya Sawyer

[JURIST] Arizona Attorney General Terry Goddard [official profile] filed a lawsuit [press release] against Bank of America (BOA) [corporate website] on Friday for misleading customers in mortgage modification and foreclosure practices. Specifically, the complaint [complaint; PDF] alleges that BOA violated a 2009 consent agreement, in which it agreed to develop … [read more]

Legal News
18 Nov 2010
by Megan McKee

[JURIST] Chief Justice Charles Canady [official profile] of the Florida Supreme Court [official website] issued a memorandum [text, PDF] Wednesday to the chief judges of Florida's 20 judicial circuits directing them to ensure that all foreclosure proceedings in the state are open to the public. The directive came in response … [read more]

Legal News
21 Oct 2010
by Andrea Bottorff

[JURIST] New York Chief Judge Jonathan Lippman [official profile] announced [statement, PDF] Wednesday a new court rule that requires lawyers to file a separate affirmation [form, PDF] confirming the accuracy of paperwork used in residential foreclosure cases. The new rule is effective immediately and has been added to the New … [read more]

Legal News
21 Oct 2010
by Erin Bock

[JURIST] The US Department of Agriculture (USDA) and the Department of Justice (DOJ) [official websites] on Wednesday announced a settlement [press release] in a class action discrimination lawsuit filed against the USDA in 1999 by Native American farmers. Under the agreement, the USDA will distribute $680 million to all eligible … [read more]

Legal News
1 May 2009
by Ximena Marinero

[JURIST] A bill [S.896 materials] that would have aided homeowners in foreclosure was rejected 45-51 [roll call vote] Thursday by the US Senate [official website]. The financial industry had lobbied heavily against the proposed legislation that had come to be known as the "cramdown bill" for a provision that would … [read more]

Legal News
10 Mar 2008
by Michael Sung

[JURIST] The US Department of Justice and the Federal Bureau of Investigation (FBI) [official websites] have launched a criminal investigation into troubled mortgage lender Countrywide Financial [corporate website], according to a New York Times report Sunday. Federal authorities are investigating whether Countrywide criminally misrepresented its financial condition. The FBI is … [read more]

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