- Mass. Senate OKs Bill to Overhaul Foreclosure Laws and Restore Titles of Foreclosed Properties
Associated Press 24 Jan 2014
The Massachusetts Senate has approved and forwarded to the lower chamber legislation that would restore the titles of foreclosed properties to homeowners affected by procedural errors or wrongful ...
- Progress on Predatory Lending
New York Times 24 Jan 2014
The Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) issued rules in November to keep banks from imitating predatory payday lenders; and so far the ...
- Older Americans Are Delaying Retirement to Pay Off Mortgages
Reverse Mortgage Daily 23 Jan 2014
Older adults who are still carrying a balance on their mortgage are more likely to delay retirement, according to researchers from Boston College's Center for Retirement Research.
- November Brought Fewer Loan Mods, Declining Foreclosures
Housing Wire 23 Jan 2014
New numbers from the HOPE NOW coalition of private mortgage servicers, insurers, and housing counselors show that loan modification volume contracted in November.
- U.S. Regulators to Scrutinize Big Non-Bank Money Transfer Firms
Reuters 23 Jan 2014
The Consumer Financial Protection Bureau, which already has the power to examine banks and credit unions that offer global money transfers, is now looking to extend that authority to large non-bank ...
- Bank of Oklahoma Exits Market for Short-Term, High Interest Loans
Washington Post 23 Jan 2014
This week, Bank of Oklahoma became the most recent U.S. bank to discontinue a high interest financial product known as deposit advance loans.
- Justice Department Turns Up Heat in Online Lending Probe
American Banker 23 Jan 2014
"Operation Choke Point" -- the name given to the Department of Justice investigation into online payday lenders, banks, and payment processors -- is itself under scrutiny by some lawmakers.
- T-Mobile Enters Prepaid Card Market
Washington Post 22 Jan 2014
T-Mobile introduced a prepaid card on Jan. 22, following other retailers like Wal-Mart, Walgreens, and Target into the banking world.
- New Loan Safeguards Leave Path for Higher-Risk Borrowers
Bloomberg 22 Jan 2014
As regulators tighten mortgage rules and big banks balk at lending to riskier middle-income Americans, state housing-finance agencies (HFAs) are stepping up to restore the fading dream of ...
- Refund-Anticipation Products Costly
The Weekly Vista 22 Jan 2014
U.S. taxpayers who obtain "rapid" refund products, such as refund anticipation checks (RACs), often end up paying a large portion of their return to the tax preparer or financial institution.
- Morrissey Makes Case for Payday Lending Reform
WCF Courier 22 Jan 2014
In Waterloo, Iowa, City Council member Pat Morrissey is warring against payday lenders on several fronts.
- Subprime Loans Boost Car Sales
NorthJersey.com 21 Jan 2014
Home and auto sales historically have moved higher or lower in tandem, but lately auto sales have been rising at a much faster clip than real estate sales.
- Opinion: NJ Court Resurrects American Dream From Foreclosure Nightmare
NJ Spotlight 21 Jan 2014
New Jersey Chancery Judge Peter Doyne ruled in December that Wells Fargo Bank committed “actionable fraud” and “predatory lending” when it persuaded Oscar Montesdeoca to ...
- Big Banks to Stop Offering Payday-Like Loans
CNN Money 21 Jan 2014
Several banking heavyweights are abandoning the short-term loan market, now that federal regulators intend to examine whether these high-interest, payday-like loans violate consumer protection laws.
- Student Loans: Cuomo to Set Up NY Watchdog
Associated Press 21 Jan 2014
New York Gov. Andrew Cuomo is expected on Jan. 21 to unveil a new watchdog group within the state Department of Financial Services, whose sole purpose will be to keep students out of the clutches of ...
- Banks Cutting Account Fees to Draw Customers
Boston Globe 21 Jan 2014
Large banks increasingly are attracting customers with accounts that waive fees if customers meet only a few conditions.
- Deny the Debt-Settlement Industry the Carve-Out From Ohio Law They're Seeking in Columbus: Editorial
Cleveland Plain Dealer (OH) 19 Jan 2014
A new bill is pending in Ohio’s Senate, after passing the Ohio House of Representatives, that the Cleveland Plain Dealer editorial board calls "grotesquely anti-consumer.
- Lawmakers Urge FHFA to Eliminate FICO Requirement in Seller/Servicer Guidelines
BankCreditNews.com 17 Jan 2014
The Federal Housing Finance Agency is under pressure from legislators to strike a requirement from Fannie Mae and Freddie Mac's seller/servicer guidelines that underwriting be performed with a FICO ...
- Lenders to Follow Useful New Rule on Appraisals
Daily Herald 17 Jan 2014
U.S. lenders now have to tell mortgage applicants that they are entitled to a free copy of whatever appraisals, reviews, computer valuations, and other data were used to calculate the amount they are ...
- Hospitals Ordered to Halt 'Extraordinary' Debt Collection -- For Now
Forbes 16 Jan 2014
Proposed IRS regulations require that nonprofit hospitals cease “extraordinary” debt collection unless they can demonstrate that a patient is ineligible for financial aid.