Consumerist
Mortgatge meltdown
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Mortgatge meltdown
Mortage meltdown
Shaq Wants To Save Orlando From The Mortgage Meltdown
Shaq has a plan to save Orlando from the mortgage meltdown. Sort of. The Orlando Sentinel says that word leaked out that Shaq was working on a plan to buy the troubled mortgages of Orlando homeowners and refinance them so that families could stay in their homes — and hopefully turn a small profit by doing so. The trouble is, the demand is overwhelming and Shaq doesn't have anything set up yet. That's not stopping him, though. More »
mortgage meltdown
"We Used To Sell Homes In A Day, Now 50% Of Our Sales Are Foreclosures"
Bank repossessions (that's when not even the bank can sell your house) are up 48% from a year ago, as falling house prices trapped borrowers in mortgages they couldn't afford, says Bloomberg. More »
friends of angelo
Countrywide CEO Gave Below Market Rate Loans To Senators From A Special "VIP Desk"
Does Angelo Mozilo spend all of his time thinking of ways to be shady? Now ABC News says that Countrywide had a special "VIP desk" that gave out below market rate loans to Senators and other politically connected people. More »
mortgage meltdown
More Than 1 Million Homes Are Now In Foreclosure
Grim numbers today from the Mortgage Bankers Association. 2.5% of all mortgages serviced by the association's members are now in foreclosure — 1.1 million homes. The rest of the numbers aren't any more cheerful. Both the rate of new foreclosures and late payments were the highest on record going back to 1979, says the AP. More »
bad deals
If Wells Fargo Calls To Offer You An Equity Loan On Your Car... Say No.
Over on the Credit Slips blog, Elizabeth Warren posted an email from a bankruptcy lawyer who was stunned at the horrible deal one of her clients got from Wells Fargo on an equity loan on a car. More »
smackdowns
Ohio Punches Payday Lending Industry In The Face, Breaks Its Nose, And Laughs
Gov. Ted Strickland, of the great state of Ohio, has signed a bill that punches the rapidly growing payday lending industry in the face. As we've mentioned before, the bill will cap interest rates at 28% and limits consumers to 4 payday loans per year. A typical payday loan charges around $15 per $100 borrowed on a 2 week loan, which works out to an interest rate of 391%. More »
subprime meltdown
Countrywide Still Asking Consumers To Lie About Their Income
Countrywide would like you to believe that it put all that messy "predatory subprime lending" business behind it and is no longer coaching consumers to lie on their loan applications in order to qualify them for loans they can't afford... but are they telling the truth about telling the truth? One woman who recently contacted Countrywide about refinancing her home told NPR that sketchy mortgage lending is alive and well at Countrywide. More »
loans
Ohio Passes Legislation That Will Punch Payday Lending Industry In The Face
Ohio's House of Representatives passed the ominous face-punching legislation that will, if passed by the Senate, become the strictest payday lending regulation around.After months of debate over bills that were backed by either the payday industry or consumer advocates, the proposal that passed the House 69-26 is a victory for the Ohio Coalition for Responsible Lending, which pushed to lower the current 391-percent annual interest rate on two-week payday loans.More »
securitization
Why Few Seem To Be Able To Work Out Better Loan Terms
Call it what you will, the borrower bailout/rescue/whatever does not seem to be working. Foreclosures are still on the rise along with defaults and sad stories. And while those numbers go up, the economy continues to worsen. More »
data breach
LendingTree Data Breach: Former Employees Were Sharing Passwords With Unapproved Lenders
LendingTree announced today that several former employees are suspected of sharing passwords with lenders that were not approved by LendingTree, and that this may have exposed customer data including: name, address, e-mail address, phone number, Social Security number, income and employment information. More »
credit crunch
Bank of America To Stop Making Private Student Loans
Bank of America, the nation's largest bank and one of our largest student lenders, today announced that it would stop making private student loans and instead "do more lending under a federally guaranteed program," says the Wall Street Journal. More »
taxes
Corruption: Mystery Shoppers Expose Refund Anticipation Loan Abuse
As an educated consumer you may wonder why people would choose to use a Refund Anticipation Loan when they can e-file and receive their refund in only a few days. More »
debt
You Have $2.54 Trillion In Consumer Debt
The amount of new consumer debt is increasing more slowly than in previous months, growing only $5.2 billion in February, says Bloomberg. It sounds like a lot of money, but it's a much slower rate of growth than the $10.3 billion increase in consumer credit seen in January. More »
reminders
Students And Parents, It's Time To Fill Out Your FAFSA
Tax time is also FAFSA (Free Application for Federal Student Aid) time for students and their parents. While the federal due date is June 30th, in some states, the FAFSA is due even before your taxes, so make sure to remember this important piece of paperwork. More »
loans
Student Loan Credit Crunch Coming?
If you're thinking of attending an expensive college, but don't have access to huge sacks of cash, you may have a problem says USAToday: More »
real estate
Zillow Offers Anonymous Mortgage Shopping
Zillow has a new tool for those of you who wish you could do your mortgage shopping while wearing a ski mask and speaking through one of those things that makes you sound like Darth Vader — the Zillow Mortgage Marketplace. More »
shady
Justice Department Will Investigate Countrywide's Lending Practices
A judge has authorized an investigation into Countrywide's lending practices, says the NYT.Judge Thomas P. Agresti of the Federal Bankruptcy Court in Pittsburgh on Tuesday approved an inquiry into "the impact of Countrywide's bankruptcy procedures on the integrity of the bankruptcy process" by the Office of the United States Trustee, a Justice Department arm that polices bankruptcy filings.More »
