- Hefty Bank Fees Waylay Soldiers
Wall Street Journal 16 Jan 2014
Although soldiers and civilians alike struggle with bank overdraft fees, some banks that market to the military are top collectors of these fees in the United States.
- 3 Potential Student Loan Changes to Eye in 2014
U.S. News & World Report 15 Jan 2014
Staggering debt loads and default rates kept student loans in the news last year; and 2014 promises to be another disruptive year for borrowers, with a number of changes to loan programs on deck.
- Student-Loan Probe Widens
Wall Street Journal 14 Jan 2014
The Consumer Financial Protection Bureau (CFPB), in cooperation with attorneys general in 32 states, is tightening the screws on sketchy student lending practices at for-profit colleges.
- Rapid Rescoring May Improve Credit Score
WKTV-TV (Utica, N.Y.) 14 Jan 2014
Borrowers increasingly are turning to "rapid rescoring" to polish their credit ratings. In the process, lenders or mortgage brokers review an individual's credit file and offer suggestions that ...
- Richmond Seeks Partners for Plan to Seize Mortgages Using Eminent Domain
Modesto Bee (California) 13 Jan 2014
In California, Richmond City Council members have failed to garner the supermajority of votes needed to enact a controversial plan that would use eminent domain to seize underwater mortgages and reduce the amounts borrowers owe. Now, Richmond Mayor Gayle McLaughlin and council members who support the plan are trying a different tactic.
- In 15 States, Deeply Underwater Foreclosures Still Reign
Washington Post 13 Jan 2014
Although the residential real estate market is slowly improving, weak spots continue to linger. In 15 states, RealtyTrac reports that the share of "deeply underwater" foreclosures was greater than ...
- Subprime Auto Market Heats Up, Loan Standards Weaken
American Banker 13 Jan 2014
A new report from Moody's on the auto finance sector indicates that lenders are loosening their underwriting criteria as demand for vehicles grows. In particular, they are approving more poor-credit borrowers, with the volume of subprime auto loans climbing 9 percent at credit unions and 1 percent at banks during the third quarter.
- Settlement Checks to Be Issued to 23,000 Auto Title Loan Customers
Milwaukee Journal Sentinel (WI) 12 Jan 2014
Checks stemming from Wisconsin Auto Title Loans' $2.75 million settlement should start making their way into the mailboxes of about 23,000 customers next month. Borrowers were tricked or forced into paying for memberships that Wisconsin Auto Title Loans sold alongside short-term loans.
- Warner Proposes Prepaid Fee Disclosure Bill
American Banker 10 Jan 2014
Sen. Mark Warner (D-Va.) has introduced the Prepaid Card Disclosure Act of 2014, which would demand greater transparency from banks about prepaid card fees. If passed, the bill would require that issuers provide consumers with a schedule of basic fees and possible charges before they purchase a card.
- Federal Consumer Agency Ponders Its Next Crusades
New York Times 10 Jan 2014
The Consumer Financial Protection Bureau (CFPB) has made strides in recent months, winning billions of dollars in settlements from bad actors in the financial sector and putting in place new mortgage ...
- Wall Street Predicts $50 Billion Bill to Settle U.S. Mortgage Suits
New York Times 10 Jan 2014
Wall Street banks anticipate that they will have to pay almost $50 billion to ease the scrutiny of federal authorities investigating their role in the mortgage meltdown, according to a confidential analysis of the industry's potential legal exposure.