- Why a Third of Americans Treat Checking Accounts Like Payday Loans
Huffington Post 22 Oct 2014
A recent study by the Consumer Financial Protection Bureau (CFPB) reported that the average debit amount that triggers an overdraft fee is $24, and most of these overdrafts are repaid in about three ...
- Student Debt and Buyer's Remorse: How Grads Feel
Boston.com 22 Oct 2014
Student borrowers may not fully understand the debt they are taking on until after graduation.
A recent survey by American Consumer Credit Counseling found that 57 percent of respondents ...
- Education Department to Expand Access to Student Loans
Wall Street Journal 22 Oct 2014
The Obama administration on Oct. 22 announced that it has finalized a plan giving parents with damaged credit histories expanded access to federal student loans.
- Complaints on Private Student Loans Increase 38 Percent
Arizona Republic 20 Oct 2014
Complaints over private student loans increased more than 38 percent over the past year, with most focused around a lack of repayment options and inflexibility by lenders.
- CFPB Finalizes Rule to Promote More Effective Privacy Disclosures
National Mortgage Professional Magazine 20 Oct 2014
The Consumer Financial Protection Bureau (CFPB) has finalized a rule that encourages financial institutions to provide more effective privacy disclosures to customers.
- A Rate Cap for All Consumer Loans
New York Times 19 Oct 2014
An editorial in the New York Times calls for a 36 percent interest-rate limit to become standard for all consumer transactions -- including auto financing, payday loans, mortgages, credit cards, and ...
- Fannie Mae, Freddie Mac Reach Deal to Ease Mortgage Lending
Los Angeles Times 18 Oct 2014
The Federal Housing Finance Agency (FHFA) has crafted new rules in an effort to relax tight mortgage standards that have made it challenging for borrowers with imperfect credit to obtain affordable ...
- Navigating the Wide World of Mortgage Overlays
Washington Post 18 Oct 2014
Borrowers are finding it much tougher to qualify for a mortgage because of overlays -- approval standards imposed by lenders and their investors that go beyond guidelines set by Fannie Mae, Freddie ...
- Rental America: Why the Poor Pay $4,150 for a $1,500 Sofa
Washington Post 17 Oct 2014
Following recession, rent-to-own stores have become increasingly popular among low-income consumers. Rental centers may charge effective annual interest rates of more than 100 percent, but ...
- US Foreclosure Filings Down in 9 Percent in September, RealtyTrac
Realty Today 16 Oct 2014
U.S. foreclosure filings have declined for the 48th month in a row, RealtyTrac reports, sliding 9 percent in September from August and returning volume to pre-bubble levels.
- Report: Private Student Borrowers Can't Get Help
Associated Press 16 Oct 2014
A new report concludes that millions of U.S. consumers who struggle with high-cost private student loans are defaulting because servicers are not providing them with reasonable options.
- Auburn Study: Payday Lenders Target African-American Neighborhoods
AL.com 15 Oct 2014
A new study from Auburn University has found that Alabama has more payday lenders per capita than most other states in the country, many of them targeting low-income or predominantly African-American ...
- HUD Awards $38.3 Million to Fight Housing Discrimination
MortgageOrb.com 15 Oct 2014
HUD has awarded $38.3 million in grant money to help combat housing discrimination.
Of that, $29.
- New Study Says Most Can't Afford Used Cars
CNBC News 14 Oct 2014
An analysis of 25 million used cars sold in the 50 largest metropolitan areas by iSeeCars.com indicates that used cars are unaffordable for millions of Americans. Phong Ly, CEO of iSeeCars.
- Americans Face Post-Foreclosure Hell as Wages Garnished, Assets Seized
Reuters 14 Oct 2014
Thousands of Americans who have been rebuilding their finances since losing their homes in the housing bust are now being pursued by debt collectors for money they still owe and are being subjected ...
- AG Schmidt: Florida Company to Pay Fines and Penalties for Violating Kansas Consumer Protection Laws
Kansas City Kansan 14 Oct 2014
Kansas Attorney General Derek Schmidt has announced a consent judgment against Florida-based Cypress Law Group Inc.
- College Completion is the Best Default Aversion
The Hill 13 Oct 2014
Students who take on college debt without graduating may be more likely to go into default on their student loans than those who earn a degree.
- You Don't Need to be Perfect to Get a U.S. Loan Anymore
Bloomberg 13 Oct 2014
Since the 2008 housing crash, most lenders have refused to give loans to borrowers with minor imperfections on their applications, but that is starting to change.
- Credit-Card Issuers Are Charging Higher
Wall Street Journal 13 Oct 2014
Credit-card issuers, including American Express Co., Capital One Financial Corp., and JPMorgan Chase, will see profits rise due to moderate economic growth, low interest rates, and consumers who are ...
- Exclusive: U.S. Regulators Press Banks for More on Auto Loan Exposure to Assess Risks
Reuters 12 Oct 2014
Sources say at least one federal regulator is asking banks for more detail on their auto financing exposure to better assess their risks given the rapid growth in lending, with an Equifax report ...