Recent Articles
Credit card crackdown outlined
Consumer white paper proposes ban on credit card companies raising borrowing limits or sending out cheques without consultation
Credit card companies could be banned from raising borrowers’ credit limits without consultation or sending out unsolicited credit cheques in a bid to prevent people running up unaffordable debt, the government said today.
Credit Card Issuers Raising Rates Ahead of New Law
Credit card companies are raising interest rates and fees seven months before new rules go into effect that will limit their ability to do so, much to the irritation of Congress and consumer advocates.
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Mortgage-Rescue Plan to Cover More Borrowers
The Obama administration is expanding the number of borrowers who can refinance home loans under its housing-rescue program, an acknowledgment that more needs to be done to help people who are upside down on their mortgages.
The administration said Wednesday that borrowers with mortgages worth up to 125% of their home’s value will now be eligible [...]
First Federal Bank of California Nears $1 Billion in Home-Loan Modifications
LOS ANGELES–(BUSINESS WIRE)–May figures show that First Federal Bank of California, a wholly owned subsidiary of FirstFed Financial Corp. (Pink Sheets:FFED), has now modified nearly $1 billion worth of home mortgages, enabling more than 2,000 California families to avert foreclosure. Such workouts are a pillar of President Obama’s housing plan, and First Federal Bank of [...]
Fannie, Freddie expand eligibility on refinancing
WASHINGTON, July 1 (Reuters) – Mortgage finance companies Fannie Mae (FNM.N) and Freddie Mac (FRE.N) will expand efforts to prevent foreclosures by allowing refinancings by borrowers whose outstanding loans exceed the value of their homes by up to 25 percent, the Obama administration said on Wednesday.
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6 indicted in mortgage-fraud cases
The New Jersey Attorney General’s Office announced the indictments of six people yesterday in three separate mortgage-fraud cases.
Yu Jane Chen, 42, whose last known address was in Philadelphia, and Yi Feng Reid, 48, of Closter, N.J., are accused of using stolen identities to obtain more than $1 million in unauthorized mortgages, lines of credit, and [...]
Lawmakers look at rising scams for reverse mortgages
WASHINGTON — The housing bubble, lax regulatory oversight and an influx of shady loan professionals have made lawmakers uneasy about the safety and soundness of the popular government-backed reverse-mortgage program.
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Fannie portfolio jumps 35 pct, delinquencies mount
NEW YORK, June 29 (Reuters) – Fannie Mae (FNM.N) (FNM.P) said its gross mortgage portfolio grew at a 35.1 percent annual rate in May, after a 19.2 percent drop in April, while the serious delinquency rate on loans it guarantees accelerated.
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Couple: Loan Modification Company Took the Money, Ran
Home is Foreclosed And Company Disappears After Taking $4500 Upfront
SAN DIEGO — Ron Forsyth is weak from cancer treatments and heartsick over losing the La Mesa home he shared with his partner, Loretta McDonald, since 1995.
“I worked two jobs to keep this home for twelve years and bam! We’re homeless,” he said.
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‘Evil’ Madoff Gets 150 Years in Epic Fraud
In this courtroom sketch, Bernard Madoff, left, is seen with prosecutor Lisa Baroni and judge Denny Chin in Manhattan federal court in New York.
Bernard Madoff, the self-confessed author of the biggest financial swindle in history, was sentenced to the maximum 150 years behind bars for what his judge called an “extraordinarily evil” fraud that shook [...]
Loan Modifications Jump In 1st Qtr ‘09, Report Shows
WASHINGTON -(Dow Jones)- Loan modifications jumped during the first quarter of the year, even as more borrowers fell behind on their loans and entered the foreclosure process, according to a government report released Tuesday.
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