Four Years After Reaching Deal With Regulators, Six Banks Still Haven’t Fixed Foreclosure Problems

Four Years After Reaching Deal With Regulators, Six Banks Still Haven’t Fixed Foreclosure Problems

Back in 2011, several of the nation’s largest banks entered into a settlement with federal regulators that required the institutions to correct widespread foreclosure abuses that helped to trigger the housing crisis. While the agreement was revised in 2013 to make things a bit easier for the offending banks, regulators today announced that six of the lenders – including JPMorgan Chase and Wells Fargo – still haven’t met requirements and face new restrictions on their mortgage operations. [More]

(frankieleon)

Consumers Can’t Void Second Mortgage In Bankruptcy, SCOTUS Rules

Consumers taking out a second mortgage will now have to consider the fact that if they encounter financial difficulties and file for bankruptcy, they won’t be able to strip off the additional loan obligation. [More]

(TheTruthAbout)

Mortgage Servicer Must Refund Consumers $48M For Array Of Deceptive Practices

Every once in a while government agencies team up to take down unscrupulous operations that prey on financially vulnerable consumers. Such was the case this week when the Consumer Financial Protection Bureau and the Federal Trade Commission took action against a mortgage servicer that engaged in a assortment of deceptive practices often resulting in consumers losing their homes. [More]

(jetsetpress)

Citigroup Forgot To Compensate 23,000 Consumers For Abusive Foreclosure Practices, Sending Checks Now

Several years ago, Citigroup reached a deal with federal regulators that required the company to provide compensation for nearly 380,000 people affected by foreclosure abuse. Only the lender didn’t exactly follow through, failing to send checks to 23,000 consumers. [More]

(Paul Fidalgo)

Supreme Court Rules Homeowners Don’t Have To Sue Lenders To Rescind Mortgage Under Truth In Lending Act

A ruling by the Supreme Court on Tuesday made it a little easier for consumers to back out of mortgages under the Truth In Lending Act when lenders fail to disclose full terms of the deal. [More]

Report: Older Americans Facing Significant Increases In Mortgage Debt Load

Report: Older Americans Facing Significant Increases In Mortgage Debt Load

Once upon a time reaching retirement age meant consumers would have less on their plates and more time to enjoy their golden years. Part of that included no longer holding a mortgage. But a refinancing boom during the 2000s and a trend of buying homes later in life has left many older Americans with a substantial amount of mortgage debt. [More]

Hope No One Minds If I Just Plunk Down 62,000 Pennies To Pay Off This Mortgage

Hope No One Minds If I Just Plunk Down 62,000 Pennies To Pay Off This Mortgage

Money is money, which is why one man figured the bank wouldn’t mind all that much if he finally paid off his mortgage with around 62,000 pennies he’d saved over the last 35 years. He said he just wanted his last payment on the house he bought in 1977 with his wife to be “memorable.” At two 400-pound boxes, we’d say that penny payment isn’t going to be forgotten soon. [More]

Renting Doesn't Necessarily Protect You From Inept Mortgage Servicers

Renting Doesn't Necessarily Protect You From Inept Mortgage Servicers

Whenever I bring up the ongoing mortgage and foreclosure fiasco (and yes, this topic does come up often in my casual conversation; which is probably why I’m single), at least one of my renter friends cavalierly states that he or she is happy to not have to worry about having a bank wrongly foreclose on them, or mistakenly seize their stuff. But as the following story shows, that just isn’t so. [More]

Protesters Take Trash From Foreclosed House To Bank Of America Branch

Protesters Take Trash From Foreclosed House To Bank Of America Branch

Protesters chanting, “Bank of America, bad for America” tried to dump ten plump black garbage bags of trash in a BofA branch in Malden, Massachusetts. The bags contained refuse collected from the yard of a house the bank foreclosed on and let fall into disrepair, becoming a blight in the neighborhood and threatening to drag down property values. [More]

Is The 30-Year Mortgage On Death Row?

Is The 30-Year Mortgage On Death Row?

Plans are in the works to dismantle Fannie Mae and Freddie Mac, and that could mean that what many Americans had assumed came fourth after “life, liberty and the pursuit of happiness,” the 30-year mortgage, could be on the outs. [More]

Woman Fights Foreclosure For 25 Years

Woman Fights Foreclosure For 25 Years

This lady has been successfully fighting off foreclosure for twenty-five years, pulling out every trick in the book along the way. But her winning streak may be drawing to a close. [More]

Like Being Single? That'll Be $388,059, Please

Like Being Single? That'll Be $388,059, Please

According to a British price comparison website, the cost of being single from 22-75 (in the UK) is £254,082 or $388,059. The extra expense comes from having to carry mortgage, holiday costs, insurance premiums and utility bills alone — do they not have roommates in the UK? [More]

Should You Have a Mortgage in Retirement?

Should You Have a Mortgage in Retirement?

A growing personal finance debate centers around whether or not individuals should have a mortgage when they retire. A surprising number of retirees maintain a mortgage — 4 in 10 in 2007 — but is this good financial management?

Why You Should Pay Off That Mortgage Before You Retire

Why You Should Pay Off That Mortgage Before You Retire

If you planned on retiring soon you’ve probably had to readjust your expectations. But even if you’re still on target to take it easy soon, you should reconsider until you’ve paid off your mortgage.

Let's Perma-Ban Consumer Predators

Let's Perma-Ban Consumer Predators

Regulating consumer predators is a bit like Whac-a-Mole. No matter how many times you put the bad guys out of business, they keep popping up again and again. Maybe it is time to consider a lifetime ban from financial services for the worst offenders. The Consumer Financial Protection Agency proposed by the President may be just the right watchdog for the job of handing out such banishments.

Renter Forced To Move Out Of Foreclosed House, Can't Get Security Deposit Back

Renter Forced To Move Out Of Foreclosed House, Can't Get Security Deposit Back

Silpa had the bad fortune of renting a house from a deadbeat owner who let the property go into foreclosure. Now that $2,200 security deposit could be lost forever amid the turmoil. Silpa’s story:

Wells Fargo Will Let You Refinance For No Closing Costs Online

Wells Fargo Will Let You Refinance For No Closing Costs Online

If you’re saddled with a Wells Fargo mortgage, now would be a good time to slash your rate and payment through little effort by hitting up the bank’s streamlined refinancing program, which under certain circumstances lets you refi without being gouged for closing costs.

What's This "Public-Private Partnership" Mean?

What's This "Public-Private Partnership" Mean?

So the latest solution to the problem of these toxic assets on the banks’ books is a “public-private partnership” between the government and the private sector…yawn what is he going on about, I wish I had a pancake…oh wait! Here’s Paddy Hirsch from marketplace drawing stick figures on a whiteboard and explaining it all. Now we’re talking.