Consumerist
education
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lenders
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education
credit crunch
Mortgage Meltdown Isn't Just A Subprime Problem Anymore
The New York Times says that the mortgage meltdown isn't just a subprime problem anymore, but has spread into the prime market where consumers with good credit are now struggling to pay their bills. More »
government
The Credit Card Bill Of Rights Act, which was introduced on Thursday in the U.S. House of Representatives, would limit interest rate hikes and late fee penalties that credit card companies use to unfairly squeeze profits from customers. The bill is sponsored by House Financial Institutions and Consumer Credit Subcommittee Chairwoman Rep. Carolyn Maloney (D-NY) and Financial Services Committee Chairman Barney Frank (D-MA).
More »
Maloney Introduces Credit Card Bill Of Rights; Lending Institutions Smirk
The Credit Card Bill Of Rights Act, which was introduced on Thursday in the U.S. House of Representatives, would limit interest rate hikes and late fee penalties that credit card companies use to unfairly squeeze profits from customers. The bill is sponsored by House Financial Institutions and Consumer Credit Subcommittee Chairwoman Rep. Carolyn Maloney (D-NY) and Financial Services Committee Chairman Barney Frank (D-MA).More »
crime
FBI Starts Investigating The Entire Mortgage Industry
The New York Times says that the FBI has begun an investigation that includes almost the entire mortgage industry—from the lenders to the brokers to the Wall Street banks who packaged the loans as securities. They're cooperating with the SEC and wouldn't name which firms they're targeting, but the Times said that it includes 14 companies. More »
Now that SallieMae buy-out deal has crumbled and they're facing much higher borrowing costs due to the subprime fiasco, the unpopular student lender will shed 3% of its workforce, or 350 jobs, mostly CSRs at their call centers.
We know a lot of you really, really, really hate SallieMae, but remember not to drink and drive when celebrating other people's misfortunes, mmk? [CNNMoney]
subprime meltdown
Failure: H&R Block Shuts Down Subprime Lending Operation
H&R Block has decided to admit defeat after a plan to sell its troubled subprime lending operation to Cerberus Capital Management LP finally unraveled. More »
news from the swamp
House Tackles Subprime Meltdown, Amends Truth In Lending Act
The House this week voted 291-127 to pass the Mortgage Reform and Anti-Predatory Lending Act, Congress' first major attempt to prevent a recurrence of the ongoing subprime meltdown. The bill, supported by every Democrat and 64 Republicans, stabs at the heart of the meltdown by:- Establishing a national licensing and registration system for mortgage lenders;
- Establishing the Office of Housing Counseling within HUD to help borrowers avoid foreclosure;
- Banning loans that a borrower cannot reasonably repay;
- Banning lenders from steering borrowers towards loans with predatory characteristics;
- Making banks that securitize mortgages liable for violating lending laws.
subprime meltdown
FDIC Chair Suggests Fixing Rates To Solve Mortgage Crisis
Sheila C. Bair, the chair of the FDIC, suggests that lenders "restructure all 2/28 and 3/27 subprime hybrid loans for owner-occupied homes in cases where the borrower has been making timely payments but can't afford the reset payments. Convert these to fixed-rate loans at the starter rate." More »
subprime meltdown
Critics Say Countrywide Isn't Doing Enough To Help Foreclosed Homeowners
Countrywide is catching hell from consumer advocates who say they're not doing enough to help the homeowners they've foreclosed on. More »
subprime meltdown
Foreclosures Doubled In September
Last month saw twice as many foreclosures than last September, says RealtyTrac, the foreclosure tracking organization. More »
subprime meltdown
Countrywide Gets Another $12 Billion In
Reuters is reporting that Countrywide has announced that it has secured an additional $12 billion in financing to help it hang on through the housing slowdown.
More »
Countrywide Gets Another $12 Billion In Bailout Money Financing
Reuters is reporting that Countrywide has announced that it has secured an additional $12 billion in financing to help it hang on through the housing slowdown.
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subprime meltdown
Greenspan "Didn't Really Get" That Subprime Lending Could Hurt The Economy
Former U.S. Federal Reserve chairman Alan Greenspan told 60 Minutes that he "didn't really get" that irresponsible subprime lending could be significant enough to hurt the economy, but he still defends the decision to keep interest rates low from 2001-2004. More »
Department Of Education: Student Loan Oversight Is Overrated
Remember that whole student loan scandal, where lenders illegally gave gifts to financial aid officers? The Department of Education doesn't! A damning GAO report claims that the DOE:
Remember that whole student loan scandal, where lenders illegally gave gifts to financial aid officers? The Department of Education doesn't! A damning GAO report claims that the DOE:
mortgages
