Thirteen Republican Senators have sent a letter to FDIC Chairman Jelena McWilliams urging the FDIC to take action to ensure that. and Fed. Initiated in 2012, Operation Choke Point targeted banks.
On March 20, 2019, the United States Supreme Court issued a unanimous decision in Obduskey v. McCarthy & Holthus LLP, No. 17-1307, finding a business solely engaged in non-judicial foreclosure actions is not a debt collector under the Fair Debt collection practices act, except for the limited purposes of the prohibited actions listed in Section 1692f(6).
The Lis Pendens is also filed and recorded in the public records to notify all that a foreclosure action has been initiated against the subject property and the named defendants. Thereafter, the Clerk of Court issues a summons for each named defendant and the process server proceeds to effect service on each party.
Draper & Goldberg, P.L.L.C., 443 F.3d 373, 375-77 (4th Cir. 2006), where it held that a law firm that provided notice that it was preparing foreclosure papers and thereafter initiated foreclosure proceedings could be a debt collector as defined by the FDCPA.
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The United States District Court for the Middle District of Florida has issued an opinion collecting 11th Circuit precedent and reiterating that foreclosure or other enforcement of a security interest, without more, is not "collection of any debt" under the Fair Debt Collection Practices Act, 15 U.S.C. 1692-1692p ("FDCPA").
The firm argued that it is not a debt collector and therefore not subject to the myriad of limitations imposed by the Fair Debt Collection Practices Act. The Supreme Court agreed.
Florida has a law that generally requires banks to produce the note at the time of the foreclosure. As of July 1, 2013, a plaintiff (the bank) in Florida must prove its right to foreclose by filing additional items along with the complaint, including a certification that the plaintiff is in possession of the original promissory note.
By providing the HPD with notice shortly after a foreclosure action is initiated. that are subject to foreclosure. Under the new legislation, banks who fail to notify the HPD would be liable for a.