Consumer Confidential: Why Is a Group of Lawmakers Working to Undermine Tighter Rules for the Payday Loan Industry?
In a bizarre display of bipartisan cooperation, a handful of Democratic lawmakers have joined Republicans in trying to cripple the Consumer Financial Protection Bureau. The question is: Why? Most notably, Florida Rep. Debbie Wasserman Schultz, who also serves as chairwoman of the Democratic National Committee, is co-sponsoring the deceptively titled Consumer Protection and Choice Act, which would undermine the watchdog agency’s...
Consumer Confidential: We’ve Learned Nothing From The Subprime Mortgage Meltdown. Here’s Proof.
The Big Short, which I saw over the weekend, is an entertaining movie. It’s also deeply disturbing because one takeaway is that we learned nothing from the stupidity and greed of the subprime mortgage meltdown. Want proof? Look no further than a recent crackdown in the subprime sector by the Consumer Financial Protection Bureau. The watchdog agency, which conservatives say is the embodiment of regulatory overreach, slapped Florida’s...
Two-Tiered Mortgage System Means Higher Costs for Some
Even as the housing and mortgage markets are stabilizing, many borrowers with good credit remain shut out of the home loan market or saddled with a new array of fees and extra costs. Lending standards may have loosened since the end of the Great Recession six years ago, but mostly for buyers with excellent credit scores of more than 700, analysts say. Borrowers with minor credit dings, or down payments of less than 20 percent, still...
5 Homebuying Tips From Dad
It was a different world when Dad bought his first home. But oddly enough, a lot of his homebuying advice (unlike his socks-and-sandals choice) is back in fashion. Putting up a sizable down payment, holding back some cash reserves in the bank, and shopping smart so you can get the best deal on a home loan? You’ll make the old man proud. Here are five homebuying tips from Dad that will serve you (and him) just as well in today’s...
Get Your Credit Score Ready for Homebuying Season
Getting ready to buy a home this spring? Make sure there aren’t any cracks in your credit. A good credit score is essential when it comes to securing a mortgage. “If (your score is) below 600, you’re probably not going to buy a home in the short term,” said Mike Sullivan, director of education at nonprofit credit and debt counseling agency Take Charge America. Given the slew of stringent regulation introduced following the housing...
