Feds Shut Down Majestic Home Loans For Military Lending Violations
Majestic Home Lending has been barred from making mortgage loans by federal consumer protection officials.
Mortgages
Feds Moving Against Pay-to-Play Mortgage Info Sites
Comparing mortgage interest rates is essential for would-be homeowners but it can be difficult to get good information because of all the pay-to-play web sites that disguise themselves as objective sources of information.
The Consumer Financial Protection Bureau (CFPB) would like to put an end to that practice and has
Wells Fargo to Pay $3.7 Billion for Mismanaging Loans
The Consumer Financial Protection Bureau (CFPB) is ordering Wells Fargo Bank to pay more than $2 billion in redress to consumers and a $1.7 billion civil penalty for legal violations across several of its largest product lines. The bank’s illegal conduct led to billions of dollars in financial
FHA Loans Can be the Answer for Some Homebuyers
News reports today are full of stories about skyrocketing mortgage rates and aspiring homebuyers being locked out of the market. It’s true that at this writing interest rates for conventional fixed-rate mortgages are hovering near 6% but in fact, that old standby – the FHA loan – is still available and
Adjustable Rate Mortgages Suddenly Look Attractive
Home buyers had been enjoying mortgage interest rates as low as 2.65% the last few years but the sudden upheaval in economic conditions has changed all that and rates are now around 5%, their highest level in more than a decade.
This is leading many aspiring home buyers to
Mortgage 'Rescue' Makes a Bad Situation Worse
[Updated 5 p.m. 10/13, to add the company’s response]
Falling behind on your mortgage is bad. Falling in with companies that claim to offer “mortgage relief” services can be even worse, leaving cash-strapped homeowners like Paul of South Carolina in even worse shape than before they signed
End of Mortgage Moratorium May Bring Flood of Foreclosures
The end of the eviction moratorium for renters has already raised fears that millions of consumers may become homeless. Now similar fears surround the end of the mortgage forbearance program that has provided a little breathing space for some homeowners during the COVID-19 pandemic.
Homeowners who have federally-insured mortgages have