Filter Results

Type
Issue

Consumers Want Informed Choice on Overdraft Fees and Banking Options

A new CRL survey finds respondents prefer that their bank or credit union deny debit card purchases that are not covered by the funds in their checking account, whether their purchase is for $5, $20 or $40. More consumers are enrolled in the most expensive option than any other option for covering overdrafts, the survey also finds.

Steered Wrong: Brokers, Borrowers, and Subprime Loans

"Steered Wrong" Executive Summary In recent years, a majority of subprime loans made in the United States have been originated by mortgage brokers, who can properly be characterized as the "engine" of the subprime market. The rapid growth of subprime lending was fueled by thousands of mortgage brokers across the country delivering billions of dollars of subprime loans to mortgage lenders, who in turn packaged and sold them to Wall Street investors. Because of their major role, mortgage brokers have had significant influence in which loans were originated, who received them, and at what price...

HB 2423 Regulate Mortgage Servicers

Full Session Law (pdf) Bill Summary (pdf) This legislation requires mortgage loan servicers doing business in North Carolina to be licensed and imposes new standards on their loan collection activities, providing more protection for North Carolina homeowners. This bill adds mortgage servicing regulation to the regulation of mortgage bankers and mortgage brokers. New duties for mortgage servicers include: Safeguarding and accounting for any money handled for the homeowner Following instructions from the homeowner Making proper disclosures to the homeowner, including: Schedule of servicing fees...

Subprime Spillover: Foreclosures Cost North Carolina Neighbors $861 Million

In this report, we estimate how many homes—including families who are paying their mortgage on time—will suffer a decline in property values because of foreclosures in their neighborhoods. We also estimate how much the average family will lose in home equity, and how much of an impact the foreclosure crisis will have on city and county coffers.

Overdraft Loans Trap Borrowers in Debt

OVERDRAFT LOAN = HIGH-COST NO-CHOICE CREDIT Protection? More like small loans with abusive terms. Banks and credit unions now enroll many of their account holders into the most expensive option for covering overdrafts—an option customers generally don't want and didn't ask for—and leave them without the information they need to protect their funds. Under these systems, financial institutions routinely approve uncovered transactions without warning their customers of a deficit in their accounts, and charge an average $34 fee for each incident, even when the uncovered purchase amounts to just a...

State-by-state analyses of subprime losses

Court-supervised modifications: Preventing foreclosures and lost community wealth No matter where you live, the subprime crisis is causing unnecessary foreclosures and draining resources in your community. By lifting the ban on court-supervised load modifications for qualified homeowners, Congress can help nearly 600,000 families nationwide keep their homes and help communities retain an estimated $89 million in tax revenues. To find out the impact Senate bill S. 2636 could have on a particular state, click on the links below. United States Alabama Alaska Arizona Arkansas California Colorado...

Unfair and Unsafe

This report is part of CRL's continuing Countrywide Watch project, which is dedicated to tracking Countrywide's conduct and efforts to reform the company. Analysis of customer complaints, lawsuits, regulatory actions, news accounts, government reports and company documents identifies several areas of concern, including predatory lending, the marketing of dangerous products, loan servicing abuses and weak corporate governance. The Center for Responsible Lending believes Bank of America's planned acquisition of Countrywide is a positive development offering hope that Countrywide's practices can...

Voluntary Loan Modifications Fall Short

After denying for months that a foreclosure crisis even exists, the Mortgage Bankers Association (MBA) now claims lenders are making "vast efforts" to prevent foreclosure. Unfortunately, the numbers show little progress. During the third quarter of 2007, mortgage lenders started about 213,000 foreclosures on subprime loans, but offered meaningful fixes ("loan modifications") on only 28,000. What are Loan Modifications? When families are struggling to pay their mortgage, "loan modifications" allow lenders to restructure the mortgage so homeowner can continue paying without losing their home...
Displaying 1026 - 1050 of 1186