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Fair Debt Collection Practices (1 viewing) (1) Guest
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TOPIC: Fair Debt Collection Practices
#7057
et non (User)
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Fair Debt Collection Practices 7 Years, 4 Months ago Karma: 1  
Does the Fair Debt Collection Act apply to home loans in addition to unsecured personal property loans by creditors, e.g. credit card companies?

The reason i ask, is because so many home mortgage lenders bundled their mortgages and sold them as mortgaged backed securities and not the banks are trying to collection on the delinquent mortgage payments. Well, under the Fair Debt Collections Practices, the mortgage company would have to show proof of the loan and if they converted the loan into a mortgage backed security and sold it, then they technically could not prove that they have standing to sue and if they tried to collect from the home owner then they would need to show proof of ownership, otherwise it would seem that they violated the Fair Debt Collections act an even be held liable for damages, including attorney fees. Is my train of thought accurate?
 
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#7068
Tomas (User)
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Re:Fair Debt Collection Practices 7 Years, 4 Months ago Karma: 3  
the Fair Debt Collection Act ("FDCA" applies to all lenders, not just credit card companies.

I dont think that the federal government audits as to whether a bank has actual title or equitable title to a house. That being said, the bank is bound by the FDCA
 
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