Interest – Only Loan Settlement
Shaffer & Gaier’s clients owned a vacation home on the Jersey Shore since 1989, and in 2007 a mortgage broker qualified them to refinance into an “interest-only, negative amortization loan”. While our clients’ loan allowed them to make “interest-only” payments...Bank of America Withdraws Motion to Dismiss to Engage in Settlement Negotiations
Shaffer & Gaier, LLC represents nine homeowners who had negative amortization loans with Countrywide (Countrywide was, of course, bought by Bank of America.). Our firm represented these homeowners who brought a consolidated lawsuit against Bank of America for...It Might Be a Good Time to Buy
Mortgage rates remain low and the housing market is showing signs of recovery. Even new construction is picking up. And best of all, the Consumer Financial Protection Bureau issued guidelines in January which protects consumers from the kinds of mortgages that...Oversight for Risky Mortgage Lending Practices – Finally
On January 10, 2013, Federal regulators unveiled a range of obligations and restrictions on lenders for residential mortgage loans. These include bans on risky “interest-only” and “no documentation” loans that were largely to blame for the last decade’s housing...US Department of Justice Continues to Pursue Wells Fargo Bank
Wells Fargo Bank may be the largest mortgage loan originator in the country, but the Department of Justice says that Wells Fargo continues to violate the terms of a settlement reached in July, 2012. On October 9, 2012, prosecutors in New York filed a new...