- Payday Loans Could Cease in South Dakota
Argus Leader 14 Dec 2014
A coalition of nonprofit groups and activists in South Dakota are working with state Rep. Steve Hickey (R-Sioux Falls) in the hopes of effectively abolishing payday lending in the state.
- Comparing Apples to Oranges in Colorado Payday Loan Law
Credit Union Journal 12 Dec 2014
After Colorado changed the law in 2010 to require that payday loans be repayable in installments, the number of annual payday loans made in the state reportedly slumped from 1.57 million to 440,000.
- Americans? Debt-Cutting Levels Off
Wall Street Journal 12 Dec 2014
The debt burdens of U.S. families are at the lowest level in over a decade, leaving Americans encouraged to start borrowing more -- which could boost spending and prop up the economy in the coming ...
- State Urges California Consumers to Be Wary of Auto-Title Loans
Sacramento Bee 12 Dec 2014
California officials want to remind consumers in the state to be cautious about auto title loans.
Although they have existed for years, the state has seen a spike in the number of these ...
- Wells Fargo Report Says Consumers Will Shrug Off Interest Rate Hikes
Bloomberg BusinessWeek 11 Dec 2014
A report by Wells Fargo Securities indicates that the economy will easily overcome the Federal Reserve's upcoming increase in its benchmark interest rate -- the first since 2006 -- given that ...
- Borrowing Against Car Bill Up for Vote in Michigan
The Detroit News 08 Dec 2014
A last-minute bill pending in the state Senate and backed by an out-of-state auto-title company would let lenders loan Michigan consumers money against their cars at an annual interest rate of nearly 300 percent.
- Banks Fear Crackdown on In-House Debt Collections
American Banker 05 Dec 2014
While government crackdowns on debt collections primarily have focused on third-party firms, in-house collection departments also may be facing greater scrutiny.
- Homeowners Offered Loan Reduction
Associated Press 05 Dec 2014
HUD plans to offer a $5,000 principal reduction next year to borrowers whose mortgage rates were temporarily lowered via the Home Affordable Modification Program (HAMP) during the recession.
- Self-Employed Find It's Not Easy to Get a Mortgage
Los Angeles Times 04 Dec 2014
As more Americans go into business for themselves, Zillow warns that the inability of many of them to qualify for a mortgage is taking a toll on housing recovery.
- $89 Billion: The Principal Reduction Price Tag to Save American Homeowners
Housing Wire 04 Dec 2014
The idea of principal write-downs for distressed, underwater homeowners continues to be a topic of heated debate.
- Justice Department's Controversial Probe Hits Its Own Choke Point
American Banker 04 Dec 2014
Many unlicensed online payday lenders continue to do business despite Department of Justice efforts to curb them via Operation Choke Point, which both advocates and detractors say has lost momentum.
- Mortgage Insurance Costs Have Doubled Since 2008
St. Louis Business Journal 03 Dec 2014
FHA mortgage insurance premiums for a typical U.S. home priced at $212,000 are nearly twice as high now as they were in 2008, a WalletHub analysis concludes.
- Mortgage Servicers Face Further Scrutiny From Fannie, Freddie: Report
American Banker 03 Dec 2014
Nonbank mortgage servicers, already being watched closely by regulators for flubbing home foreclosures, now are receiving extra attention from Fannie Mae and Freddie Mac as well.
- Millions of Americans Are Spending Too Much on Housing
CNNMoney.com 03 Dec 2014
Almost 40 million people in this country are overspending on shelter each month, reports the Demand Institute.
- State Cracks Down on Abusive, Deceptive Debt Collections
Albany Times Union (NY) 03 Dec 2014
New York Gov. Andrew Cuomo on Dec. 3 announced debt collection reforms aimed at aggressive and deceptive collection practices.
- Council Urges Legislature to Cap Loans
Daily Times 03 Dec 2014
Councilors in Farmington, N.M., have passed a resolution asking the state legislature to place a 36 percent ceiling on interest charged by payday lenders.
- United Way, TWU Work on Plan to Combat Payday Lenders
Denton Record-Chronicle 02 Dec 2014
The United Way of Denton County in Texas may move forward with an idea to build a community-lending center that would reduce the city's use of predatory loans.
- CFPB Looks to Researchers for Insight Into Borrowers, Financial Risk
Reverse Mortgage Daily 02 Dec 2014
The Consumer Financial Protection Bureau (CFPB) is asking researchers to submit their findings on various consumer finance topics for the bureau's first Research on Consumer Finance conference next ...
- Honda's Finance Arm to Be Charged With Fair Lending Violations
Reuters 02 Dec 2014
On Dec. 2, American Honda Finance Corp., the U.S. lending arm of Honda Motor Co. Ltd., said the Department of Justice and the Consumer Financial Protection Bureau are preparing to charge it with ...
- Groups Call on FHA to Cut Back on High Mortgage Fees
Washington Post 02 Dec 2014
Consumer advocates like the Center for American Progress and Enterprise Community Partners want the FHA to consider cutting fees for mortgages that it guarantees.