Big Banks Failing To Comply With All The Rules For National Mortgage Settlement

Big Banks Failing To Comply With All The Rules For National Mortgage Settlement

Remember that massive $25 billion settlement between the nation’s largest mortgage servicers — Bank of America, Wells Fargo, Chase, Citi, Ally — and attorneys general from around the nation? Well, it comes with a lot of rules for these institutions to follow. But the person in charge of monitoring the settlement says most of the banks are failing to comply fully. [More]

(Steven G. Bisig)

Should I Also Be Picking Up Insurance And Mortgages When I Shop At Costco Or BJ’s?

Warehouse stores sell more than just huge sacks of flour, vats of ketchup, and enough toilet paper to clean an army. You can also use a membership at places like Costco or BJ’s to buy everything from auto insurance to credit cards to home mortgages. But should you? [More]


Fannie Mae Staffer Accused Of Taking Kickbacks Says He’s Not The Only One

Since 2009, bailed-out mortgage-backer Fannie Mae has sold nearly three quarters of a million repossessed properties. And considering that there are plenty of investors and speculators looking to snap up bottom-dollar homes with the hopes of eventually reselling at a profit, someone with inside information could be tempted to put a premium on that data, even if doing so is against the law. [More]


Bank Of America Gives Existing Customers Yet Another Reason To Flee

Many banks offer benefits to account-holders who also have their home loan serviced by the institution. Bank of America has been doing that for years, cutting fees for people with both checking accounts and mortgages. But now BofA has gone and sold off millions of these mortgages to another servicer, starting a countdown clock for account-holders to go elsewhere or likely face new fees. [More]


Mortgages Slightly Easier To Get For Prime Borrowers, Still Tough For Subprime Applicants

Ten years ago, a potential home buyer could walk into a Countrywide office and get pre-approved for a half-million dollar home loan based on a bank statement written in crayon on a restaurant place mat and a pinky swear that the loan could be paid back. We all know too well the results of those lax standards, which is why regulators and banks ramped up restrictions on lending to the point where applying for a home loan is like auditioning for American Idol, without the washed-up celebrity appearances. But a new survey says that lenders are easing up… a bit. [More]


Should You Pay Off Your Mortgage Before You Retire?

Considering that the average retirement age is approaching 282 and a large number of people have taken out second mortgages or equity lines of credit in recent years, not everyone who is nearing retirement has the option or ability to get rid of that home loan early. But for those that do, there are some things to consider. [More]


Are Wall Street Investors Pumping Up The Next Housing Bubble?

Areas like Las Vegas, Phoenix, and Miami — all hit pretty hard by the collapse of the last housing bubble — are now seeing home prices rise at rates above the national average. But rather than this being an indicator that these areas are finally recovering, some worry that it’s just a lot of hot air being pumped into another bubble by Wall Street investors. [More]


How Bank Of America Lost All Of My Business Over A $2 Balance Check Fee

As a reader of Consumerist, Shawn knew that he should probably stay away from mega-bank and Worst Company in America 2013 Final Four contender Bank of America. Yet his non-BoA lender of choice sold his mortgage to…well, guess who? He moved his other banking there for the sake of convenience, and that’s when he walked up to an ATM and conducted the fateful transaction. [More]


Homeowner Tries To Get Mortgage Adjustment, Ends Up Owing $14,500 More On Her House

When a retired Michigan homeowner applied for a mortgage adjustment back in 2009, little did she know that it would result in years of ongoing legal wranglings, a sizable increase in the amount of her mortgage and possible eviction. [More]


Feds Now Letting Big Banks Review Their Own Foreclosures For Errors

Pre-recession banks turned a blind eye to problems with the mortgages they handed out, bundled, sold and securitized. When that bubble burst, these same banks put the foreclosure process on auto-pilot, allowing anyone with a pulse to sign legal documents. So who better to review all those foreclosures for errors than the institutions that didn’t care in the first place? [More]


Investors Accuse Bank Of America Of Continuing Countrywide’s Bad Practices

Most of the $40 billion Bank of America has set aside to pay out over the mortgage meltdown can be blamed on malfeasance at Countrywide Financial. But some investors say that BofA’s hands are not totally clean in this mess — and that the bank has gotten off too easy thus far. [More]


46 States Will Share $120 Million As Result Of Robo-Signing Settlement

Another day, another business hit over the head with a multi-million settlement over faulty foreclosure practices. We’ve already seen big retail banks and heavy-hitting investment banks pay the price for robo-signing foreclosures and engaging in other suspect loan servicing activities and now Florida-based business Lender Processing Services will be paying $120 million to 46 states to settle similar allegations. [More]

The Morgan Stanley exec who came up with this list of names is now working for JPMorgan Chase.

‘Nuclear Holocaust’ & ‘Sh!tBag’ Among Clever Names Morgan Stanley Bankers Gave To Toxic Mortgage-Backed Security

Federal prosecutor Lanny Breuer insists he has yet to find enough evidence to bring an indictment against a single Wall Street executive over the 2008 mortgage meltdown, yet lawyers in private lawsuits against the banks continue to turn up some gems — like this one from the Morgan Stanley e-mail vault. [More]


CFPB Rules Aim To Protect Homeowners From Inept & Foreclosure-Happy Mortgage Servicers

One week after it announced a new set of rules that require mortgage lenders to prove that borrowers will actually be able to pay back their loans, the Consumer Financial Protection Bureau is unveiling a slew of new rules for mortgage servicers intended to curb some questionable practices and provide more safeguards for all borrowers. [More]


Professor Tries, Fails To Defend Payday Lending As Legitimate Form Of Credit

Most regular readers of Consumerist know that we’re not exactly fans of payday loans, which charge upwards of 25 times the interest of a high-interest credit card and hundreds of times the interest on a standard loan. And yet, there are people — well-educated people at that — who stick with the argument that payday loans are a good thing. [More]


New Rule Means Banks Will Have To Make Sure Borrowers Can Actually Repay Mortgages

When the housing market collapsed five years ago, it was due in no small part to mortgage lenders who handed out loans without really considering whether or not the borrower could ultimately pay that money back. Hoping to minimize the chances of this happening again, regulators have introduced a new rule today. [More]

(Ron Dauphin)

Study: There Are Plenty Of People Who Would Take Out A Walmart Or PayPal Mortgage

What’s an average citizen to do when getting a mortgage from a big bank or other financial institution isn’t an option? Perhaps you might consider taking out mortgages from a retailer like Walmart, or even PayPal? A new financial services study says there are plenty of people out there who would be down with a situation like that. [More]


Botched Foreclosure Shines Spotlight On Banks’ Ignorance Of The Rules

In Georgia, there is a program called HomeSafe, intended to prevent homeowners who have just lost their jobs and are only a little behind on their mortgage from losing their homes. When someone is accepted into the program, lenders are required to pause foreclosure actions, but that didn’t stop Citi and Freddie Mac from trying to evict one woman. [More]