Author Archives: melissa
Fed Sues Wells Fargo for Targeting African American Borrowers
The Department of Justice is preparing to sue Wells Fargo for allegedly targeting African Americans during the subprime mortgage crisis and steering them into expensive subprime loans. The city of Baltimore filed a similar suit against Wells Fargo in early … Continue reading
Matthew Richardson on The Daily Show
The Daily Show With Jon Stewart Mon – Thurs 11p / 10c Matthew Richardson www.thedailyshow.com Daily Show Full Episodes Political Humor & Satire Blog The Daily Show on Facebook In a guest appearance on Jon Stewart’s The Daily Show, Matthew … Continue reading
A Second Chance for Distressed Homeowners
With more than a million families facing foreclosure, a Boston non-profit financial group has created an innovative program giving homeowners a second chance. CBS reports.
The Consumer Protection Financial Bureau (CPFB)
The central mission of the Consumer Financial Protection Bureau (CFPB) is to make markets for consumer financial products and services work for Americans—whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer … Continue reading
Wells Fargo to Pay $85 Million for Mortgage Abuses
Wells Fargo has been fined a record $85 million for leading customers into unnecessarily expensive subprime loans and using falsified documents in mortgage applications. Wells Fargo has also been ordered to compensate its victims, a number that may exceed 10,000. … Continue reading
Housing Market Still Plagued by Foreclosures, Mortgage Troubles, Falling Prices
A PBS NewsHour special on the grim state of the housing market.
California Foreclosure Rates Fall to Lowest Level in 4 Years: Backlog?
Mortgage defaults in California declined 19% for the 2nd quarter and are at their lowest level in 4 years. The number of homes repossessed by banks also declined in the second quarter. A total of 42,465 homes were repossessed by … Continue reading
Report: Banks Still ‘Robo-Signing’ Despite Heat From Feds
According to an Associated Press special report, more than 8 months after big banks and mortgage servicers made a pact to stop robo-signing, 3 county officials have come forward to say that they’ve received thousands of robo-signed documents since last … Continue reading
Loan Modification Scam Prevention Network
The U.S. has seen a dramatic rise in loan modification scams throughout the financial crisis, and there’s been little effort on state and federal levels to protect borrowers from these devastating scams. Loan modification scams are constantly changing to adapt … Continue reading
Suze Orman Talks Responsible Homeownership
Ms. Orman answers a complaint alleging her show discouraged an eligible couple from purchasing a home. Orman responds with her tough criteria for responsible homeownership.