Mortgage Scammer Faces Possible 385-year Prison Term

Mortgages

Mortgage Scammer Faces Possible 385-year Prison Term

Mortgage Scammer Faces Possible 385-year Prison Term

The man who orchestrated a $1.9-billion mortgage scam, and hoped to cover it up with $533 million from the federal bailout program, could be sentenced to prison for 385 years. Lee Farkas, CEO of one of the largest mortgage companies during the subprime boom, “orchestrated a fraud of staggering proportions—one of the largest bank fraud schemes… Read More

After Epic Battle, Swipe Fee War Ends in a Draw

Credit Cards

After Epic Battle, Swipe Fee War Ends in a Draw

After Epic Battle, Swipe Fee War Ends in a Draw

In a down-to-the-wire decision that could affect how much Americans pay for everything from gas to checking accounts, the Federal Reserve announced new rules Wednesday that it will cut the debit card swipe fees that retailers pay in half. Consumers are unlikely to notice big changes any time soon in the price of things they… Read More

Lenders Relaxing Credit Card Standards

Credit Cards

Lenders Relaxing Credit Card Standards

Lenders Relaxing Credit Card Standards

Credit card standards eased for some of the nation’s top 16 lenders for the first time since 2008, as 25 percent reported that their underwriting requirements fell in the 12-month period that ended February 28, 2011, according to the latest annual study from the U.S. Office of the Comptroller of the Currency. It was also… Read More

The OCC Enters the Thunderdome: Bank Regulators Do Battle

Personal Finance

The OCC Enters the Thunderdome: Bank Regulators Do Battle

The OCC Enters the Thunderdome: Bank Regulators Do Battle

Will states have the power to defend themselves against abusive bank policies? Or will a federal agency cozy with the nation’s largest banks prevent the states from doing anything? That’s the issue at the heart of an uncommonly public fight between two bank regulators with very different ideas about how best to protect consumers. The… Read More

Financial News Roundup: Americans Exempt From Federal Taxes, Couples Keep Financial Secrets

Personal Finance

Financial News Roundup: Americans Exempt From Federal Taxes, Couples Keep Financial Secrets

Financial News Roundup: Americans Exempt From Federal Taxes, Couples Keep Financial Secrets

Today’s top news headlines feature common financial issues many couples face and reasons a large percentage of Americans are exempt from federal income taxes. Plus, find out the details of Bank of America’s $20 billion settlement. Financial Dishonesty Common Among Couples CNN Money A recent survey reveals financial infidelity among couples who share their income… Read More

Qualified for a Mortgage, Rejected for a Credit Card. Huh?

Mortgages

Qualified for a Mortgage, Rejected for a Credit Card. Huh?

Qualified for a Mortgage, Rejected for a Credit Card. Huh?

I recently heard about a consumer who, nine years after declaring bankruptcy, qualified for a mortgage. Apparently her financial life was back on track, but when she later applied for a credit card, she was rejected.  The consumer guessed it had to do with her bankruptcy record, since some bankruptcies stay on your credit report… Read More

Study: Still Steps to Take For Credit Card Security

Credit Cards

Study: Still Steps to Take For Credit Card Security

Study: Still Steps to Take For Credit Card Security

Most credit card lenders in the U.S. do a relatively good job of resolving fraudulent account activity once it happens, but do not do enough to prevent this type of crime from occurring in the first place, according to a new study released by Javelin Strategy and Research. In all, credit card fraud costs lenders… Read More

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