Currently viewing the tag: "predatory lending"
More Mortgage Companies Being Sued for Predatory Lending (CNN)
October 8, 2009 by CULIK LAW
CNN reports that predatory lending lawsuits are increasing, and many homeowners are winning: “While many of these suits are still winding their way through the legal system, some banks have already settled for millions of dollars.” Defendants include some of the biggest names in the mortgage business — Wells Fargo, CitiMortgage, and Bank of America [...]
Continue Reading →Top 10 myths about subprime mortgages
July 24, 2009 by CULIK LAW
From the Federal Reserve Bank of Cleveland by Yuliya Demyanyk On close inspection many of the most popular explanations for the subprime crisis turn out to be myths. Empirical research shows that the causes of the subprime mortgage crisis and its magnitude were more complicated than mortgage interest rate resets, declining underwriting standards, or declining [...]
Continue Reading →Massachusetts Attorney General Martha Coakley’s Office entered into a settlement with Fremont Investment & Loan and its parent Fremont General Corporation to resolve the Commonwealth’s lawsuit against the California-based lender. Fremont has agreed to pay Massachusetts $10 million in consumer relief, civil penalties and costs. Fremont has also agreed not to foreclose upon unfair loans [...]
Continue Reading →The Mortgage Assistance Relief Services rulemaking addresses the proliferation of loan modification and foreclosure rescue services in the current economy. The Federal Trade Commission has responded to the growth in these services with a substantial and sustained commitment to bringing law enforcement actions against those who make deceptive claims about these services to consumers in [...]
Continue Reading →Wells Fargo Accused of Predatory Lending to Blacks
June 8, 2009 by CULIK LAW
Baltimore officials have sued Wells Fargo in Baltimore for predatory lending, steering blacks into high-interest subprime mortgages. The New York Times reports: Wells Fargo, Ms. Jacobson said in an interview, saw the black community as fertile ground for subprime mortgages, as working-class blacks were hungry to be a part of the nation’s home-owning mania. Loan [...]
Continue Reading →Untitled Document "I cannot thank you enough for the stellar work you did on my Loan Modification. I tried it myself with no success. You were the expert I needed! You were friendly with me and relentless with the bank. You never lost patience nor spirit. You took it to every level necessary to win. AND WIN WE DID. The Modification you obtained cut over a thousand dollars from my monthly mortgage payment! I can keep my house!" Sincerely yours, Robert N.
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