Obama: Refi Plan Saves ‘Underwater’ Borrowers $3,000 A Year
In a sweeping new plan to help millions of “underwater” homeowners, President Obama today said borrowers can save $3,000 a year on average if Congress approves his program with a price tag of $5 billion to $10 ...
Foreclosure Sales Rate 4 Times Faster in Non-Judicial States
The foreclosure crisis is very much a tale of two states – judicial versus non-judicial.
In the 23 states were a judge has the final say, the foreclosure pipeline has stalled, compared to the 27 states with a ...
Debit Card Use Wavers as Cash Stages Comeback: Survey
Consumers may be returning to the simplicity of paying with cash, and wavering on the use of debit cards, as new regulations have created a confusing purchasing environment.
A report by Javelin Strategy & Research ...
Leaner Bank of America Sees $2B Profit Despite Card Fee Fiasco
A trimmer Bank of America survived a debit card fee controversy and losing its largest-bank ranking to JPMorgan Chase in the final months of 2011 to emerge with a $2 billion profit for the fourth quarter.
Bank of ...
U.S., Big Banks Close to Settling ‘Robo-Signing’ Foreclosure Mess
A long-anticipated settlement between major banks and the federal government over “robo-signing” – or fraudulent foreclosure documentation – is very close, according to Housing Secretary Shaun Donovan.
In ...
Consumers Empowered: A Year of Big Victories Over Small Fees
The victories by consumers over big business were resounding in 2011, although the stakes were small – monthly fees hovering at $5 or less.
But to focus on the dollar amount is to miss the point that consumers ...
Verizon Kills $2 Fee Plan After Customer Backlash, FCC Review
Verizon Wireless has decided to kill its plan for a $2 “convenience fee” on one-time bill payments made online or over the telephone – a day after word spread and customers vented their anger on the company’s ...
Judge: Bank of America, Debt Collector Harassed Florida Woman
Bank of America and a contracted debt collector violated state law by harassing a 68-year-old Florida woman, repeatedly attempting to collect her deceased husband’s outstanding credit card bill of $16,651.52, ...
Obama Cites Chase for Poor Job in Mortgage-Mod Program HAMP
JPMorgan Chase was singled out by administrators of the Obama Administration’s mortgage modification program for needing “substantial improvement” in helping homeowners avoid foreclosure.
The U.S. Department ...
Mass. State AG Sues Big Banks for ‘Illegal, Deceptive’ Foreclosures
Five of the nation’s largest lenders – Bank of America, Wells Fargo, JP Morgan Chase, Citi, and Ally Financial’s GMAC Mortgage unit – are targeted in a lawsuit brought by Massachusetts Attorney General ...
