By Maudlyne Ihejirika February 25, 2012 Only strident remedies — such as a national moratorium on foreclosures and offering financial aid to “underwater” homeowners — can help stem a crisis sending severe reverberations through poor and minority communities, members...
HB3935 amends the Payday Loan Reform Act and the Consumer Installment Loan Act to prohibit lenders that illegally make loans to borrowers in Illinois from collecting any portion of an outstanding loan. The bill protects consumers trapped in...
The majority of the settlement money, $17 billion, will be used to provide direct assistance to homeowners. Of that figure, at least 60 percent must be used to write down principal on underwater loans. HUD Secretary Shaun Donovan...
Chase was the first bank to adopt a shorter, simplified checking account fee disclosure form in December of 2011. (The Pentagon Federal Credit Union and North Carolina State Employees’ Credit Union adopted versions of the form in November...
The Federal Reserve’s approval was made over the strong objections of consumer and community groups, who raised concerns about creating the nation’s fifth largest financial institution by deposits without putting in place safeguards to prevent widespread systemic risk. Capital...
By Alison Burdo February 14, 2012 Homeowners’ aggravation continues despite the $25 billion foreclosure settlement the federal government reached last week with five mortgage servicers to compensate for loan servicing and foreclosure abuses. Borrowers, like Vivian Ojikutu, await...
Nationally, active trial PRA modifications grew by four percent from November (15,875) to December (16,461), following a seven percent decline from October to November (see Fig. 1). Active permanent PRA modifications grew by 11 percent from 36,454...
By Dawn Turner Trice February 14, 2012 Morgan Davis, 26, who’s black, grew up in west suburban Oak Park, a community long praised for its work on behalf of maintaining racial diversity. Patricia Fron, 27, who’s white,...
By Blair Kamin February 13, 2012 Cicero, infamous for its history of corruption, and Jeanne Gang, famous for her futuristic buildings, would seem an unlikely pair. But something unexpected has brought them together: America’s foreclosure crisis. On...
