Can a New Government Toolkit Simplify Homebuying?

Mortgages

Can a New Government Toolkit Simplify Homebuying?

Can a New Government Toolkit Simplify Homebuying?

Thinking about buying a home? A new, free toolkit might help you make better decisions, and avoid falling into common traps in the process. The Consumer Financial Protection Bureau released its new “Your Home Loan Toolkit” Tuesday, with the goal of making home purchases as easy as 1 – 2 – 3. As in, 1:… Read More

Obama, CFPB Seek to Regulate Payday Loan “Debt Traps”

Personal Loans

Obama, CFPB Seek to Regulate Payday Loan “Debt Traps”

Obama, CFPB Seek to Regulate Payday Loan “Debt Traps”

Payday lenders would face a new set of restrictions under rules being proposed Thursday by the Consumer Financial Protection Bureau. The rules include requirements that lenders ensure borrowers have the ability to repay the loans, and limits to the number of times consumers can renew the loans. The proposal covers a wide set of short-term,… Read More

CFPB Sues Texas Company for Issuing ‘Sham’ Credit Card

Credit Cards

CFPB Sues Texas Company for Issuing ‘Sham’ Credit Card

CFPB Sues Texas Company for Issuing ‘Sham’ Credit Card

A Texas firm accused of selling consumers a buying club card disguised as a general-purpose credit card was sued Wednesday by the Consumer Financial Protection Bureau. The card, offered by Union Workers Credit Services cost $37 for snail-mail applicants and $95 online, the CFPB said. While thousands of consumers signed up for the card, most… Read More

How the CFPB Can Help Consumers Hurt By Medical Debt

Managing Debt

How the CFPB Can Help Consumers Hurt By Medical Debt

How the CFPB Can Help Consumers Hurt By Medical Debt

The Consumer Financial Protection Bureau issued a new report today that sheds some light on the tricky world of medical debt collections. This new report found that 43 million consumers have medical collections on their credit reports, and more than half of the collection accounts on credit reports are medical in nature. It notes that… Read More

Watchdog Proposes Rules to Protect Homeowners From Bad Foreclosures

Mortgages

Watchdog Proposes Rules to Protect Homeowners From Bad Foreclosures

Watchdog Proposes Rules to Protect Homeowners From Bad Foreclosures

The Consumer Financial Protection Bureau Thursday proposed new rules that would offer U.S. homeowners additional protection from foreclosure. The proposals are part of the CFPB’s ongoing effort to protect struggling homeowners and make the mortgage process easier to understand. The expanded protections cover a variety of issues, from clarity about loan delinquency to additional help for… Read More

Troubled Private Student Loan Borrowers Get Little Help, CFPB Says

Students

Troubled Private Student Loan Borrowers Get Little Help, CFPB Says

Troubled Private Student Loan Borrowers Get Little Help, CFPB Says

Borrowers stuck with oppressive private student loan debts continue to get little mercy from lenders, which is bad for both consumers and the financial institutions, according to a report issued Thursday by the Consumer Financial Protection Bureau. While distressed mortgage holders have several opportunities to appeal for lower monthly payments, and federal student loan borrowers… Read More

CFPB Says Flagstar Bank Stonewalled Troubled Homeowners

Mortgages

CFPB Says Flagstar Bank Stonewalled Troubled Homeowners

CFPB Says Flagstar Bank Stonewalled Troubled Homeowners

At-risk homeowners trying save their homes from foreclosure during the mortgage meltdown complained for years that banks were systematically stonewalling them. On Monday, federal regulators accused a financial institution of doing just that, alleging that Michigan-based Flagstar Bank intentionally frustrated homeowners and pushed some into foreclosure. The Consumer Financial Protection Bureau said Flagstar “failed …at… Read More

The Real Reason Your Car Dealer Wants to Lend You Money

Auto Loans

The Real Reason Your Car Dealer Wants to Lend You Money

The Real Reason Your Car Dealer Wants to Lend You Money

In response to what it sees as a troubling trend of auto-lending discrimination at banks, the Consumer Financial Protection Bureau is proposing to oversee the business practices of nonbank consumer auto lenders – including automakers’ financing units — in the same manner that it does the nation’s banks. Reactions have been swift and searing. The… Read More

CFPB Targets Payday Lender’s ‘Cash-Grab Scam’

Personal Loans

CFPB Targets Payday Lender’s ‘Cash-Grab Scam’

CFPB Targets Payday Lender’s ‘Cash-Grab Scam’

A new, brazen fraud begins with a twist: Instead of losing money, consumers get money, which is unexpectedly deposited into their checking account. But the surprise windfall turns into a big headache, and even bigger bills, the CFPB says in a lawsuit disclosed Wednesday. The cash comes from a payday lender owned by a firm… Read More

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