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Press:
CA to Congress: Protect homeowners and taxpayers
As Congress decides how and if they should toss a trillion dollar life preserver to the sinking financial services industry today, Consumer Action (CA) urges lawmakers to prevent millions more homeowners from losing their homes… -
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Buy a beach house when going bankrupt
Say an absentee landlord owns the house next to yours. Neither of you keep up your mortgage payments. If you both declare bankruptcy, chances are better that he would keep his place than you yours.… -
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Fading housing hope
PASSED BY Congress in July and put into effect on Oct. 1, the federal government’s Hope for Homeowners program was billed as strong medicine for the twin ills of rampant foreclosures and sagging home prices.… -
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Investors profiting from - and fixing - mortgages
The latest development in the mortgage market fomenting outrage in the streets and condemnation across the media spectrum is the spectacle of rich investors—Wall Street traders, hedge fund operators, even former executives of the detested… -
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Senate pushes to exempt auto dealers from financial reform
As the two houses of Congress prepare to merge their financial overhaul bills, the Senate on Monday voted 60 to 30 to recommend that thousands of the nation’s auto dealers be exempted from oversight by… -
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In-debt grads can sidestep student loan trouble
You just graduated, and your parents are so proud of you. Which is a good thing, because there’s a good chance that you’ll be moving back in with them. This year’s college graduates will be… -
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Countrywide customers to be repaid $108 million for overcharges
Bank of America, owner of former mortgage giant Countrywide Financial, will pay $108 million in refunds to hundreds of thousands of homeowners under one of the largest judgments imposed by the Federal Trade Commission. The… -
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Ways to avoid the payday loan trap
Back when life moved at a more leisurely pace, here’s how many people dealt with a short-term money crunch: They cashed a check at a friendly grocery store and prayed it wouldn’t clear before payday.… -
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Fannie Mae gets tough on homeowners who walk away
Taking aim at homeowners who are able to pay their mortgage but decide it’s not worth it, Fannie Mae plans to go after them in court and to limit their access to home loans for… -
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Big job looms for new consumer protection agency
When he took charge of the new Environmental Protection Agency in December 1970, William Ruckelshaus wasted no time flexing his muscle and clobbering polluters. Nine days after the EPA opened its doors, the Republican official… -
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Student loan program changes affect rates, repayment
In just a few weeks, thousands of recent high school graduates will pack up the minivan and head off to college. For many students, though, the thrill of embarking on a new adventure is tempered… -
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Financial reform bill to assist unemployed homeowners
Nylton Andrade hopes that a federal bill President Obama was expected to sign today will help him and his wife keep their home. Andrade lives on the city’s West Side in a white, two-story… -
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IRS ends release of info for refund-anticipation loans
The IRS said Thursday that it will no longer provide tax preparers and lenders with information that helps them decide whether to offer a taxpayer a refund-anticipation loan, a move that could sharply reduce the… -
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Tax-refund loans will be harder to make
The Internal Revenue Service has dealt a hard blow to a tax product that has long needed to be knocked out. The IRS announced recently that starting with next year’s tax filing season it will… -
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U.S. plans more aid for jobless homeowners
In an acknowledgment that the foreclosure crisis is far from over, the Obama administration on Wednesday pumped $3 billion into programs intended to stop the unemployed from losing their homes. The housing market, which… -
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Equity in your home doesn’t translate to net worth
I have my own spin to put on the news that sales of existing homes plunged 27 percent in July: Stop thinking of your home as your cash cow. In the past few decades, borrowers… -
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Quest for the perfect credit score
A major league pitcher dreams of throwing a perfect game. High schoolers eyeing the Ivy League study furiously in hopes of earning 2400 on the SAT. Meanwhile, Chris Peplinski is pursuing his own brand of… -
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Microloan is big help for small businesses
Like many small businesses caught in the worst economic crisis since the Great Depression, Tri-State Biodiesel was struggling to find capital last year, in the middle of a credit crunch. The Bronx company, which converts… -
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Survey: Mortgage closing costs 37% higher
A new federal rule this year requiring mortgage lenders to give borrowers reliable estimates of closing costs appears to be working — whether it’s also costing borrowers more money is uncertain. A recent survey by… -
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Time to refinance? Rates hit record lows
For anyone under the age of 57, mortgage rates are at the lowest point ever in their lifetime. This fact isn’t lost on a growing number of homeowners who have started a new wave of… -
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Communities get first shot at foreclosed homes
Major mortgage lenders will now give state and local governments the right to buy foreclosed properties before they go on the market, giving them “a leg up” on speculators who have often thwarted local redevelopment… -
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Student loan default rates rise
The national student loan default rate is rising, according to new statistics released today, and students who obtain loans to attend for-profit schools are more likely to default than those in nonprofit institutions. Education Secretary… -
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Big banks key role in financing payday lenders
People who pay high fees to borrow from so-called payday lenders generally don’t have bank accounts, but that doesn’t mean banks aren’t making money from them. Major banks led by Wells Fargo & Co., US… -
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Banks slow to buy back bad loans
A federal regulator is criticizing banks for failing to take back bad mortgages sold to giant mortgage buyers Fannie Mae and Freddie Mac. Edward DeMarco, acting director of the Federal Housing Finance Agency, says in… -
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Your car is at 100,000 miles. Now what?
It was once a huge red flag: When a car’s odometer would hit 100,000 miles, “it was almost a magic threshold that meant the car was probably worn out,” says Kay Wynter, who runs…
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