- CFPB's 'Minor' Changes to Mortgage Rules May Have Major Impact
American Banker 01 May 2014
The Consumer Financial Protection Bureau (CFPB) confirmed that it is tweaking its home lending rules so that more loans meet the definition of "qualified mortgage.
- CFPB Lauds BMO Harris for Switch to Flat-Fee Pricing on Auto Loans
American Banker 01 May 2014
BMO Harris Bank is now the first indirect auto lender to adopt a flat-fee structure, which limits the flexibility among dealers to price finance loans.
- AG Schneiderman Announces Agreement to Stop Predatory Medical Loans
LongIsland.com (NY) 30 Apr 2014
New York Attorney General Eric Schneiderman recently announced settlements with four out-of-state companies accused of gouging consumers on medical loans.
- Report: Debt Collectors Now Using Court System to Unfairly Force Consumers to Pay Up
Consumerist 30 Apr 2014
The Center for Responsible Lending has released a new report detailing how debt buyers and collectors are using default judgments to bully consumers into paying money that they often do not even owe.
- U.S. Report Sees Deeper Bank Flaws on Loans
New York Times 29 Apr 2014
Foreclosure mistakes made by banks might have been significantly higher than previously believed when regulators abruptly ended a national review of their mortgage servicing operations, suggests a ...
- CoreLogic: Foreclosed Homes Cut by More Than One Third
Housing Wire 29 Apr 2014
The latest statistics from CoreLogic reflect modest improvement in foreclosure activity.
According to the numbers, 48,000 foreclosures were completed in this country last month -- down ...
- Lenders Put a Postcrisis Twist on the Adjustable-Rate Mortgage
American Banker 29 Apr 2014
Adjustable-rate mortgages, with their lower initial rates, are resurfacing as interest drifts higher.
Although it is not unusual for ARM volume to rise when fixed rates go up, today's ...
- Mortgage-Loan Limits Hit Buyers in High-Cost Housing Markets
Wall Street Journal 28 Apr 2014
The ceiling on conventional mortgages penalizes home buyers in expensive housing markets, according to Trulia.
The company conducted a city-by-city comparison of the 100 biggest U.S.
- Another City Considers Reining in Payday Lending
American Banker 28 Apr 2014
Yet another municipality -- Midland, Texas -- has been added to the list of U.S. cities looking to tighten control of payday lenders.
- Health Care May Be Hazardous to Your Credit
Wall Street Journal 27 Apr 2014
Many consumers with medical bills, often confused about who owes what, allow the debt to go unpaid and end up in collections.
- Discrimination Potential Seen in 'Big Data' Use
Associated Press 27 Apr 2014
A White House review analyzing whether existing laws and policy adequately address privacy issues tied to "big data" has also raised unexpected concerns about the potential for bias.
- U.S. Wins $1.2 Million Penalty Against Bank for Aiding Payday Loans
Reuters 26 Apr 2014
The U.S. District Court in the Eastern District of North Carolina on April 25 ordered Four Oaks Bank to pay a penalty of $1.
- How FDIC Is Nudging Banks to Reach Underserved
American Banker 25 Apr 2014
With regulators putting more pressure on providers of small, high-interest loans, it has become more vital than ever to provide services for "underbanked" borrowers.
- Americans Rely Less on Credit Cards Than in Previous Years
Gallup Economy 25 Apr 2014
Americans are carrying less credit card debt overall, own fewer cards, and are more likely now to say they always or usually pay their full balances every month, according to a new Gallup survey.
- Wells Fargo Settles Remaining 'Robo-Signing' Mortgage Litigation
Los Angeles Times 24 Apr 2014
Wells Fargo has agreed to spend $67 million on mortgage-related issues to settle remaining civil litigation stemming from the "robo-signing" debacle.
- U.S. Agency Urges Private Lenders to Ease Automatic Default Rules on Student Loans
Washington Post 22 Apr 2014
Some private student loan borrowers are placed in automatic default when a co-signer dies or declares bankruptcy, even if the borrower has made payments on time.
- Federal Plans That Forgive Student Debt Skyrocket
Wall Street Journal 22 Apr 2014
Federal programs that wipe out some student debt are more popular than ever, but government officials want to limit them because of their costs and the risk that they could prompt colleges to charge ...
- States With Highest, Lowest Payday Loan Rates
USA Today 21 Apr 2014
Idaho, Nevada, and Utah are three of only seven states that impose no legal limits on payday loans. Subsequently, they have some of the highest interest rates in the country, according to a new ...
- Lenders Ease Mortgage Rules in Hunt for Business
Wall Street Journal 20 Apr 2014
Private-sector mortgage lenders are warming to lower credit scores and down payments, although the underwriting bar remains high by historical norms.
- How Payday Lenders Prey Upon the Poor - and the Courts Don't Help
New York Times Magazine 20 Apr 2014
Although payday loans are marketed as a short-term solution for financial emergencies, they often land borrowers in a debt spiral.