Warren Delivers Refreshing Dose of Honesty in DNC Speech

By: Thursday September 6, 2012 6:22 am

It’s hard not to get blinded by the searing light of Bill Clinton. But Elizabeth Warren gave the speech that spoke more to me last night. Strip away the reason all these speeches are happening – support for the President – and the stories that Warren and Clinton told were a little different. Clinton told [...]

Banks Charging “FDIC Fees” Against FDIC Wishes

By: Friday August 24, 2012 6:58 am

What we’ve learned over the past few years is that banks base a large segment of their profits on their ability to flat-out rip off their customers. Here’s a great example, courtesy McClatchy. Banks have been charging their business customers what is labeled an “FDIC fee,” presumably to recoup costs from the deposit insurance fund [...]

California Foreclosure Fraud Settlement Monitor: Servicers Dragging Their Feet

By: Thursday August 16, 2012 1:47 pm

Katherine Porter, the monitor tasked with specific oversight for California’s foreclosure fraud settlement, says what most of us could have suspected: the servicers are dragging their feet on compliance. The California monitor of the $25 billion national mortgage servicing settlement received roughly 1,100 complaints in the last month from borrowers reporting a slow uptake to [...]

Credit Card Debt Collection Looks a Lot Like Foreclosure Fraud

By: Monday August 13, 2012 7:36 am

Considering how banks got away with submitting false documents to state courts on mortgage and foreclosure issues, why should we be surprised that they brought the same eye for detail to credit card debt collection? We’ve known this for a while – back in March, JPMorgan Chase was found to have robo-signed documents and shredded [...]

CFPB Proposes New Mortgage Servicing Rules

By: Friday August 10, 2012 6:58 am

The Consumer Financial Protection Bureau has proposed new rules for the mortgage servicing industry, which include a requirement that servicers must make a decision on any mortgage relief applicant within 30 days, and must not begin foreclosure proceedings until completing that process. Under the Consumer Financial Protection Bureau’s proposal, loan servicers would be required to [...]

We Don’t Know How Many Foreclosures Have Happened, Cont’d

By: Tuesday August 7, 2012 8:55 am

Picking up on some of Matt Stoller’s work, Sam Jewler and Chris Herwig at Alternet take a look at the inadequacy of foreclosure data. Just to reiterate, we have no idea how many foreclosures have occurred, where they occurred, and how many remain in delinquency. We have a rough sketch of that, but no comprehensive [...]

We Don’t Know How Many Foreclosures Have Happened

By: Friday August 3, 2012 11:36 am

Matt Stoller has a superlative article today in Salon picking up on a central frustration of everyone trying to decipher housing policy. The truth is that the data is truly terrible. We have a vague idea of the number of mortgages and foreclosures, and we can identify trends. But in reality, there is no central, [...]

CFPB Goes After Loan Modification Fraudsters

By: Wednesday August 1, 2012 10:58 am

Adding to its enforcement actions, the Consumer Financial Protection Bureau has taken a California company to court over a loan modification fraud scheme. The Consumer Financial Protection Bureau has filed its first ever civil enforcement action in federal court, charging a Los Angeles law firm of duping distressed homeowners into paying high upfront fees with [...]

CFPB Gets Plurality of Complaints About Mortgages

By: Monday July 30, 2012 12:22 pm

The Consumer Financial Protection Bureau has a hotline for complaints, as well as a process to lodge complaints at their website. They have begun to release those complaint reports, protecting the identity of the consumer but providing an understanding of where the trouble in the financial system lies with respect to those consumers. Here’s a [...]

CFPB Report Lays Bare Private Student Loan Market

By: Friday July 20, 2012 11:05 am

The Consumer Financial Protection Bureau has delivered a report to the Senate Banking Committee on the rise of the private student loan industry. This industry took a hit after 2010, when the Affordable Care Act included a provision that ended the practice of private banks administering student loans guaranteed by the government, and just had [...]

Democrats Join Bid to Provide Safe Harbor For Mortgage Brokers

By: Wednesday July 18, 2012 11:02 am

The Consumer Financial Protection Bureau proved today it can engage in some fairly strong enforcement. Lawmakers in both parties want CFPB to ensure that individual homeowners cannot do the same thing. At issue are CFPB rules on mortgages, the first of many that will set new standards in the industry. A group of House Republicans [...]

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