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Bob Sullivan

Contributor |  In Personal Finance, Identity Theft

Bob Sullivan is author of the New York Times best-sellers Gotcha Capitalism and Stop Getting Ripped Off. His stories have appeared in The New York Times, the Wall Street Journal, and hundreds of other publications. He has appeared as a consumer advocate and technology expert numerous times on NBC’s TODAY show, NBC Nightly News, CNBC, NPR’s Marketplace, Terry Gross’ Fresh Air, and various other radio and TV outlets. He helped start MSNBC.com and wrote there for nearly 20 years, most of it penning the consumer advocacy column The Red Tape Chronicles. See more at www.bobsullivan.net. Follow Bob Sullivan on Facebook or Twitter.

Housing Costs Are Rising Faster Than Incomes, Study Finds

Mortgages

Housing Costs Are Rising Faster Than Incomes, Study Finds

Housing Costs Are Rising Faster Than Incomes, Study Finds

Homes are unaffordable in more American cities than any time since the recession began, and housing costs are rising far faster than incomes, according to a study released Thursday by ATTOM Data Solutions. During the third quarter of 2016, 24% of U.S. counties were less affordable than historic averages, up from 19% one year ago,... Read More

Major Title Loan Lender TMX Finance Ordered to Pay $9M for Misleading Customers

Personal Loans

Major Title Loan Lender TMX Finance Ordered to Pay $9M for Misleading Customers

Major Title Loan Lender TMX Finance Ordered to Pay $9M for Misleading Customers

One of the nation’s largest title loan firms was fined $9 million for misleading consumers about their cost of borrowing, federal regulators said Monday. TMX Finance, the parent company of TitleMax, allegedly tricked borrowers into taking out longer-term, more expensive loans, and also used illegal debt collection tactics, according to the Consumer Financial Protection Bureau.... Read More

Home Flipping Frenzy: Should You Be Worried?

Mortgages

Home Flipping Frenzy: Should You Be Worried?

Home Flipping Frenzy: Should You Be Worried?

In another sign that the housing market is beginning to resemble its pre-recession heyday, house flipping is back in style. ATTOM Data Solutions released a report Thursday showing that flipping activity — buying and selling the same home within 12 months — is at its highest level in six years. More investors completed at least one house... Read More

This For-Profit School Is Forgiving $23.5 Million in Student Loan Debt

Students

This For-Profit School Is Forgiving $23.5 Million in Student Loan Debt

This For-Profit School Is Forgiving $23.5 Million in Student Loan Debt

A for-profit school that allegedly told students their loans would only cost $25 per month to repay must now forgive those loans, federal regulators announced Monday. The firm, publicly-traded Bridgepoint Education Inc., has agreed to discharge all outstanding private loans and refund some students after allegations that it engaged in unfair or deceptive practices, the... Read More

Wells Fargo Fined $185 Million Over Fake Credit Card & Deposit Accounts

Personal Finance

Wells Fargo Fined $185 Million Over Fake Credit Card & Deposit Accounts

Wells Fargo Fined $185 Million Over Fake Credit Card & Deposit Accounts

Thousands of Wells Fargo bank employees seeking sales bonuses participated in a scheme that led to the opening of roughly 2 million unauthorized accounts, federal regulators said Thursday. For failing to monitor an incentive program that spun out of control, leading to “widespread” abuse of consumers’ information, Well Fargo must now pay the biggest-ever penalty... Read More

The Average New Car Loan Payment Is $499

Auto Loans

The Average New Car Loan Payment Is $499

The Average New Car Loan Payment Is $499

New car loans continue to set all kinds of records — average monthly payments are now essentially $500 — and a long-feared subprime lending bubble has yet to show signs of popping. But suddenly slumping auto sales raise plenty of questions about the overall health of the car sales market. The car loan market expansion... Read More

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