New federal consumer protections for credit cards and mortgages — including prohibitions against abusive lending practices and requirements for clearer, more timely disclosures — will help people avoid surprises. The Summer 2009 issue of FDIC Consumer News from the Federal Deposit Insurance Corporation features key changes in the rules and what they mean for...
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The government’s foreclosure prevention plan is premised on the idea that the best way to prevent foreclosures is to work with mortgage servicers. The government offers a range of incentives to induce servicers to make loans affordable for struggling homeowners. Since subprime borrowers represent an outsized portion of those struggling to keep up on...
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Bank of America is the biggest mortgage servicer in the business. And judging by Treasury Department data, its customers searching for loan modifications are the most frustrated. Through the end of July, it had modified just 4 percent of its most delinquent loans eligible for the government’s foreclosure-prevention program – roughly 28,000 out of...
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