| Volume 144 Number 5 |
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The People’s Lawyer’s Tip of the Day
As part of their ongoing efforts to protect consumers from sellers of scam COVID-19 treatments, the FTC has sent 20 more warning letters to companies that claim their products can prevent, treat, or cure COVID-19. Click here for more.
Toyota expands for a second time its recall of vehicles with possible fuel pump issue
Toyota Motor Engineering & Manufacturing is expanding an earlier recall to include another 1,517,721 vehicles.
The low-pressure fuel pump inside the fuel tank may fail.
If the fuel pump fails while the vehicle is being driven, the engine can stall increasing the risk of a crash. Click here for more.
Your Money
If you have an FHA loan – a mortgage backed by the Federal Housing Administration – you might be able to swap your mortgage for a new one at a lower interest rate. Homeowners refinanced their mortgages in record-breaking numbers throughout 2020, thanks in part to historically low interest rates. And according to a September report from mortgage data firm Black Knight, 18 million homeowners across the U.S. could save money by refinancing. FHA refinancing may help you lower your monthly payment, borrow cash, or save on other costs like interest and private mortgage insurance. But before you start searching for a lender, you should understand your options and how to qualify for an FHA refinance. Click here for more.
For the Lawyers
A Texas Court of Appeals held that a person modifying a loan cannot qualify as a consumer under the DTPA. The court noted that “Generally, a person cannot qualify as a consumer if the underlying transaction is a pure loan because money is considered neither a good nor a service.” The court also held that the Texas Debt Collection Act does not apply because statements regarding loan modifications do not concern the “character, extent, or amount of consumer debt” for purposes of the TDCA. Compass Bank v. Collier, 2020 Tex. App. LEXIS 8646 (Tex. App.—Beaumont 2020). Click here for more.