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Predatory Lending

In The Public Interest : The More You Know, The More You Know We Need A Strong CFPB

Ed Mierzwinski | Posted 05.25.2011 | Politics
Ed Mierzwinski

This month's story, dear reader, is about sloppy bank servicing of mortgages, starting with the infamous robo-signers and now escalating to every elem...

Boiler Rooms and Foreclosure Mills: A Brief History of America's Mortgage Industry

Michael W. Hudson | Posted 05.25.2011 | Business
Michael W. Hudson

Washington failed to act the first time around -- when lenders were engaged in a frenzy of predatory lending. The foreclosure scandal is a second chance for lawmakers to prove they can ferret out the truth.

Arthur Delaney

Foreclosure Paperwork Scandal 'Same Process' That Fed The Housing Bubble | Arthur Delaney | Posted 05.25.2011 | Business

The paperwork scandal that has prompted several banks to halt evictions and review their foreclosure procedures is reminiscent of the predatory lendin...

William Alden

Foreclosure Crisis Intensified Among Blacks, Hispanics: Study | William Alden | Posted 05.25.2011 | Business

African Americans have suffered disproportionately from foreclosures due to racially discriminatory lending practices, a new study shows (h/t to Felix...

Expanded Mortgage Disclosure Through HMDA Reform Would Detect Discrimination, Unsustainable Loans

Dory Rand | Posted 05.25.2011 | Business
Dory Rand

HMDA is a crucial tool in the fight against discriminatory lending, but the data currently collected is not sensitive enough to detect some of the problematic practices that triggered the foreclosure crisis.

William Alden

Bailed-Out Banks Finance 'Legalized Loan Shark' Lenders, Says New Report | William Alden | Posted 05.25.2011 | Business

Big banks that received TARP bailout money are funding payday lenders -- companies Senator Dick Durbin (D - Ill.) termed "bottom feeders" -- and which...

Safety in Numbers: Creating a Fairer Housing Market

Janis Bowdler | Posted 05.25.2011 | Politics
Janis Bowdler

The Home Mortgage and Disclosure Act is a crucial tool against predatory lending. Without its transparency and lender accountability, minority homeowners will again bear the brunt of risky lending practices.

Let's Stop Talking Down the Economy

John Hope Bryant | Posted 05.25.2011 | Business
John Hope Bryant

Today, many are calling for the end to subprime lending, and this would be wrong. Responsible subprime lending has done more to lift poor people out of poverty than anything else in the last 50 years.

Standing Tall With 2,500 of Our Closest Friends

Janet Murguía | Posted 05.25.2011 | Politics
Janet Murguía

I just got back from the White House, where I watched President Obama sign the banking reform bill, and I reflected on what a significant victory it is for Hispanics and other minorities pursuing the American Dream.

J.P. Morgan Still Hates the Economy

Zach Carter | Posted 05.25.2011 | Business
Zach Carter

J.P. Morgan's Chief Economist James Glassman recently indulged in a vaguely worded assault on financial reform, arguing that Congress is about to ruin the economy by cracking down on Wall Street. Don't believe a word of it.

How about financial services that help, not exploit, the broke?

Patrice Peyret | Posted 05.25.2011 | Business
Patrice Peyret

I am midway through reading Gary Rivlin's new book, Broke, USA. As CNN Money contributor Dan Okrent puts it in his review, Rivlin's book is about the ...

Homeowners Tax Credit Expires Today - the Start of a Double Dip?

Ben Mangan | Posted 05.25.2011 | Politics
Ben Mangan

Will the housing market start to slip again as the homeowners' tax credit expires? The tax credit expires today and reflects a very public move in the...

Setting the Record Straight: Why Auto Dealers Do Not Need Carve-Outs

Janis Bowdler | Posted 05.25.2011 | Business
Janis Bowdler

The auto dealers are urging senators to avoid over-regulating their dealerships, burdening them with redundant laws, and ultimately limiting consumers' credit options. These concerns are unfounded.

Larry Summers Is Lying About Big Banks

Zach Carter | Posted 05.25.2011 | Business
Zach Carter

Today's megabanks aren't just too-big-to-fail, they're too-big-to-regulate. If Democrats want to salvage their political credibility, they now have no choice now but to push to break up the banks.

In The Public Interest: Students Need a Strong Financial Watchdog Too

Andrew Merki | Posted 05.25.2011 | College
Andrew Merki

The level of debt I took on for my degree was my choice, regardless of the consequences. But at the very least, students and families should be assured that the private loan products are fair and transparent.

Foreclosing on America: Edda Lopez vs. Bank of America

Sally Kohn | Posted 05.25.2011 | Politics
Sally Kohn

When I first arrived at Edda Lopez's house, I wondered how this elderly woman lives on the second floor of her elevator-less home despite being wheelc...

Homeowners Score Points With Recent Countrywide Fine, Wells Fargo Case

New York Times | Gretchen Morgenson | Posted 05.25.2011 | Business

While the wheels of justice have turned very slowly in the years since our nation's financiers and regulators nearly cratered our economy, the Federal...

WaMu Executives Knew Of Rampant Mortgage Fraud And Failed To Act

HuffPost Investigative Fund | David Heath | Posted 05.25.2011 | Business

One of the central unanswered questions of the financial crisis is whether bank executives knew fraud was rampant within their mortgage loans. A Sen...

Elizabeth Warren: 'Socratic With A Machine Gun'

New York Times | JODI KANTOR | Posted 05.25.2011 | Business

Ask Elizabeth Warren, scourge of Wall Street bankers, how they treat consumers, and her no-nonsense bob will shake with indignation....

Tough State Laws Help Protect Consumers, According To Two Recent Studies

Huffington Post | Marcus Baram | Posted 05.25.2011 | Business

One of the more contentious issues in the debate over financial regulatory reform has to do with whether tough state consumer protection laws should c...

Shahien Nasiripour

Brownback Defends Predatory Lenders In Misleading Letter To Pentagon | Shahien Nasiripour | Posted 05.25.2011 | Business

In his attempt to protect the right of predatory lenders to fleece America's troops and their families, Republican Senator Sam Brownback wrote a lette...

Michael Lewis: Junior Salesgirlieman

Janet Tavakoli | Posted 05.25.2011 | Business
Janet Tavakoli

It takes courage to tell the real story of this financial crash and recession. This is actually a story of Wall Street's massive, wide-spread, multi-year fraud, including accounting fraud.

Usurious Payday Loans: Myths, Flawed Studies, and Solutions

Richard (RJ) Eskow | Posted 05.25.2011 | Politics
Richard (RJ) Eskow

Here's the truth, for all those well-meaning payday defenders out there: Payday loans weren't created to help underserved populations, but to exploit helpless people.

Women Of Color Have Median Wealth Of Just $5: Study

The Huffington Post | Grace Kiser | Posted 05.25.2011 | Business

According to a report released by the Insight Center for Community Economic Development this week, there is a vast discrepancy in wealth between singl...

Military Families Are Targets of Predatory Lending

Jason Alderman | Posted 05.25.2011 | Business
Jason Alderman

Military families are especially vulnerable to predatory lending schemes, which can ultimately lead to having their security clearances jeopardized or even being discharged.