Senate Considers Ways to Bring Trust Back to Mortgages

Mortgages

Senate Considers Ways to Bring Trust Back to Mortgages

Senate Considers Ways to Bring Trust Back to Mortgages

The mortgage industry is torn apart by mistrust, and that mistrust has stalled the recovery of the housing market and the entire American economy, Senate Banking Committee Chairman Tim Johnson (D-SD) said before Congress this week. “Borrowers aren’t certain that servicers are accurately evaluating them for modifications,” Johnson said. “Servicers aren’t confident that borrowers’ documents… Read More

Rewards Credit Cards May be Problematic for Some

Credit Cards

Rewards Credit Cards May be Problematic for Some

Rewards Credit Cards May be Problematic for Some

There are a number of reasons that rewards credit cards typically cost more than no-frills accounts, according to a report from the Los Angeles Times. The first is that they typically come with far higher interest rates than normal credit cards, which can become problematic if the cardholder carries a balance from one month to… Read More

Report: Even After New Rules, Overdraft Fees Still Hurt Consumers

Personal Finance

Report: Even After New Rules, Overdraft Fees Still Hurt Consumers

Report: Even After New Rules, Overdraft Fees Still Hurt Consumers

A year after the federal government created new rules to limit overdraft fees, the fees remain high, and banks continue to find new ways to charge consumers, according to a recent study by the Consumer Federation of America. Average overdraft fees range from $33 to $37, the report found. Since most consumers overdraw their accounts… Read More

Financial News Roundup: Responsible Homeowners Suffer, Second Recession Looms

Mortgages

Financial News Roundup: Responsible Homeowners Suffer, Second Recession Looms

Financial News Roundup: Responsible Homeowners Suffer, Second Recession Looms

Today’s top news headlines feature analysts’ claims that a second recession is likely to occur and reasons nothing more can be done about improving the employment crisis. Plus, why are homeowners who up-to-date on their mortgage payments unable to secure mortgage help? Mortgage Borrowers With Positive Payment History Unable To Get Help CNN Money Many… Read More

Wall Street Boosts Lobbying Spending, Again

Personal Finance

Wall Street Boosts Lobbying Spending, Again

Wall Street Boosts Lobbying Spending, Again

Wall Street continues to shovel more than a hundred million dollars every three months into lobbying efforts, much of it to try and delay or reverse rules aimed at reforming the industry, according to new data collected by the Center for Responsive Politics. Financial services companies and their trade groups spent $105 million on lobbying… Read More

Mortgage Applications Recovering, but Still Lag

Mortgages

Mortgage Applications Recovering, but Still Lag

Mortgage Applications Recovering, but Still Lag

Overall, the number of consumers who sought to either refinance or obtain a home loan rose 7.1 percent in the week ending July 29, but the increase only brought the total mortgage market back to levels observed last month, according to the latest weekly statistics from the Mortgage Bankers Association. As interest rates dipped, refinance… Read More

Gov’t Asks FAA Safety Inspectors for a Big No-Interest Loan

Personal Loans

Gov’t Asks FAA Safety Inspectors for a Big No-Interest Loan

Gov’t Asks FAA Safety Inspectors for a Big No-Interest Loan

The latest budget blockade in Congress is forcing inspectors responsible for maintaining safety at the nation’s airports to work for free, and charge work expenses to their personal credit cards, raising the possibility that soon many of America’s biggest airports will have no federal safety inspections at all. “I’m at a loss for adjectives to… Read More

Report: To Foreclose, GMAC Filed Bogus Document

Mortgages

Report: To Foreclose, GMAC Filed Bogus Document

Report: To Foreclose, GMAC Filed Bogus Document

Courtesy of investigative news site ProPublica, a new chapter in the robo-signing saga unfolds—a report that GMAC, one of the nation’s largest mortgage management companies, filed a bogus document last year to demonstrate its legal standing to foreclose on a house. The home was originally financed by Ameriquest, one of the largest subprime lenders during… Read More

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