Mortgage Rates for Women
A new study suggests a glass floor is keeping women from obtaining the lowest mortgage rates -- though the disparity disappears for women earning less than the median income. But the study ignored other loan approval factors, according to a mortgage banking group.
Predatory Liability for Investment Banker
A federal appeals court has held Lehman Bros. liable for "aiding and abetting" a multi-million dollar predatory lending scheme.
Countrywide Overhauls NY Practices
The nation's largest originator agreed with the state of New York to change lending practices for minority borrowers after federal home loan data suggested that such borrowers received more high-cost loans than whites.
States Strike Down Predatory Law
For the second time in two weeks a court has struck down a law designed to crack down on predatory lending.
State Preempts City
Ohio's top state court has struck down the city of Cleveland's attempt to outlaw predatory lending.
Reverse Redlining Ruling Reaffirmed
Pennsylvania's top court has decided to let stand a lower court decision against a mortgage broker that Pennsylvania law forbids "reverse redlining."
Spanish Speaking Borrowers Duped
A Texas-based mortgage broker has settled with the Federal Trade Commission charges that it offered less favorable loan terms in English-only closing documents than what borrowers were verbally promised in Spanish.
State Sues 4 Mass Firms
In the wake of what the Massachusetts Division of Banks calls an effort to "crack down on abusive mortgage lenders and brokers," emergency orders to stop conducting real estate transactions have been issued to four companies accused of unfair and deceptive practices.
Chicago Law a Disaster for Loan Applicants
A new Illinois law was supposed to rid Chicago neighborhoods of predatory lenders, provide inner-city residents with legitimate home buying opportunities and provide more oversight to state regulators.
Virtues of Subprime Lending
In a 16-page letter, mortgage bankers urged the Federal Reserve to continue with the current set of regulations for high-cost loans and to adopt national anti-predatory lending standards. The group indicated nonprime mortgages, which are priced more competitively under current rules, have fueled an increase in homeownership.
HOEPA Trigger Raised
The threshold for high-cost mortgages has been raised.
All Eyes on New State Law
A Rhode Island anti-predatory lending law has bankers worried it will hinder access to credit.
Why Higher Rates for Minorities?
Shrinking home equity and rising loan-to-income ratios -- and not lender discrimination -- are behind higher rate spreads for minorities, according to a recent study.
ACORN Assaults New Century
New Century Financial Corp. has become the latest target of the consumer-activist group ACORN. At issue are borrowers who claim they were forced into an adjustable rate loan and the company's support of federal preemption.
Fed to Examine HELs
The Federal Reserve Board will hold public hearings on home equity lending because of predatory-lending concerns.
Shark Attack at Wells
Consumer advocacy groups donned in shark uniforms protested alleged predatory lending practices at Wells Fargo outside its annual shareholder meeting Tuesday.
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Several Class Actions Filed Against MD Lenders
One of Maryland's most prominent class action attorneys has trained his sights on mortgage lenders in Maryland, setting up a predatory lending unit within his law firm, running newspaper ads and accusing an increasing number of lenders in court of charging excessive and illegal fees. But Maryland lenders and mortgage associations say the lawsuits have no merit and will hurt consumers and the smaller mortgage lenders.
Ameriquest Settlement Worries Brokers
WASHINGTON -- The chairman of a mortgage broker trade group warned that the landmark settlement reached earlier this year with Ameriquest Mortgage Co. has big implications for mortgage brokers.
Ohio Mortgage Bill Drawing Fierce Support, Opposition
Whether Ohioans are to gain more protection against fraud when they refinance a mortgage or buy a house depends largely on what the Ohio House does in the next three months.
Lenders Halt Exodus from County in Maryland
As lenders prepared to exit a Maryland county because of a new predatory lending law that included exorbitant fines, a judge stepped in to suspend it.
Lenders Question Benefit of State Regulations
State regulation of predatory lending is better than federal regulation, according to a study conducted by a pro-consumer group. But mortgage lenders have their own studies that indicate otherwise.
HSBC Executive Blasts Subprime IO Loans
Almost four years after the largest-ever mortgage industry settlement, a Household Finance executive recently discussed how the company has renovated its corporate culture and reduced the risks of abusive lending.
Study Suggests State's Banks Better than Brokers
Predatory lending is set to balloon in Maine, according to a pro-consumer group's report which also suggests the state's borrowers are better off with banks than brokers.
Ameriquest Settlement Yields Lending Lessons
Ameriquest Mortgage learned a few things from its recent $325 million settlement with the states, and it shared some of that knowledge with other subprime lenders.
Lawsuit Suggests Ameriquest Shouldn't Have Made Loan
Ameriquest Mortgage Co. is facing a lawsuit filed in Utah's federal court brought by an elderly woman who claims company representatives cajoled her into obtaining a loan at double the interest rate she could have gotten from her credit union. But the subprime lender sees no merit in her allegations.
Lenders Partner to Prevent Predatory Lending
A network of 167 lenders announced plans to combat predatory lending by funding at least $1 billion of the subprime industry's annual mortgage originations.
Lost in Translation
Five mortgage companies have settled allegations of deceptive advertising after the ads they ran in a Spanish-language newspaper were found to be missing key disclosure information.
Worst TIL Violators in 2005
Settlements with three mortgage companies over violations of the Truth in Lending Act were recently touted by the government.
Ameriquest Finalizes Settlement
The process of selecting our next ambassador to Amsterdam may now proceed.
Mortgage Company Loses Lawsuit
A Colorado court has ruled against a mortgage company that allegedly deceived delinquent borrowers into giving up their homes.
