A Bad Habit From the Real Estate Bubble Resurfaces

Mortgages

A Bad Habit From the Real Estate Bubble Resurfaces

A Bad Habit From the Real Estate Bubble Resurfaces

During the heyday of the housing bubble, mortgage sellers made a killing via kickbacks. They often got bonuses for steering borrowers toward more expensive mortgages. Financial reform, including a strict rule that took effect in 2011 from the Federal Reserve known as the “Compensation Rule,” banned the practice of giving mortgage brokers or loan officers… Read More

Student Loan Servicers Aren’t the Only Problem…

Students

Student Loan Servicers Aren’t the Only Problem…

Student Loan Servicers Aren’t the Only Problem…

The Consumer Financial Protection Bureau announced Thursday that it’s launching a public inquiry into student loan industry practices that make repayment “a stressful or harmful process for borrowers.” So, in its search for ways to make that repayment process something other than today’s less-than-awesome experience, the bureau is soliciting comments on student loan servicing policies,… Read More

‘Delayed, Harassed & Threatened': Feds Fine Mortgage Servicer $63M

Managing Debt

‘Delayed, Harassed & Threatened': Feds Fine Mortgage Servicer $63M

‘Delayed, Harassed & Threatened': Feds Fine Mortgage Servicer $63M

Nationwide mortgage servicing company Green Tree will pay $63 million to settle allegations that it mistreated mortgage holders, federal authorities revealed this week. According to a statement on the Consumer Financial Protection Bureau’s website, “The mortgage servicer failed to honor modifications for loans transferred from other servicers, demanded payments before providing loss mitigation options, delayed… Read More

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

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