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.
lending
Ohio Passes Legislation That Will Punch Payday Lending Industry In The Face
By 5.1.08
Ohio’s House of Representatives passed the…
Why Few Seem To Be Able To Work Out Better Loan Terms
By 4.25.08
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.
LendingTree Data Breach: Former Employees Were Sharing Passwords With Unapproved Lenders
By 4.22.08
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.
Bank of America To Stop Making Private Student Loans
By 4.18.08
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.
Corruption: Mystery Shoppers Expose Refund Anticipation Loan Abuse
By 4.10.08
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.
You Have $2.54 Trillion In Consumer Debt
By 4.7.08
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.
Students And Parents, It's Time To Fill Out Your FAFSA
By 4.7.08
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.
Student Loan Credit Crunch Coming?
By 4.7.08
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:
Zillow Offers Anonymous Mortgage Shopping
By 4.4.08
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.
Justice Department Will Investigate Countrywide's Lending Practices
By 4.3.08
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.
By 3.19.08
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The New York Times ponders: How could irresponsible mortgage lending “take out take out the whole global financial system?” [NYT]
Mortgage Meltdown Isn't Just A Subprime Problem Anymore
By 2.13.08
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.
This Hooters Credit Card Is For Winners Only
By 2.11.08
Here’s a great credit card that will allow you to express how awesome you are at a variable APR between 7.75% and 26.95%. Yes, kids, it’s the Hooters MasterCard, and according to their website, it’s been “rated #1 by some fake award.”
By 2.8.08
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New legislation in Colorado threatens to put a cap on payday lending.
Consumers Are "Unaware" That Lenders Can Help Them Avoid Foreclosure
By 1.31.08
A new survey from Freddie Mac says that 57% of delinquent homeowners are unaware of so-called “workout” options that could help them avoid foreclosure.
Woman's Credit History Goes Missing, Giving Her A Credit Score Of Zero
By 1.29.08
When Cindy X pulled her credit report from TransUnion recently, it was blank. “I am 48, have an active credit history, and my other credit reports were accurate,” she writes in to Kiplinger. TransUnion, however, told her that she was on her own to fix the problem and would have to contact her creditors individually.
When A House Is A Bad Investment, Is It OK To Just Walk Away?
By 1.24.08
Here’s one that’s sure to start some intense debate: If you’ve made a bad investment and your house isn’t worth what you thought it was going to be, is it OK to just walk away?
