CFBP Wins $7.9M Against Mortgage Loan Servicer – Law360 – Law360 (subscription)

Law360, New York (September 11, 2017, 2:48 PM EDT) — A California federal judge delivered a $7.93 million trial verdict Friday against a mortgage services company accused by the nation’s consumer protection watchdog of hoodwinking homebuyers about a payment program, but he said the company’s tactics didn’t rise to the “snake oilâ€� level.

U.S. District Judge Richard Seeborg declined to impose the $73.9 million restitution that the Consumer Financial Protection Bureau had requested during a seven-day bench trial against Nationwide Biweekly Administration Inc. and its subsidiary, Loan Payment Administration, and its owner, Daniel Lipsky, but approved…

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