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Wells Fargo Caught Again in Predatory Lending Scheme

Little Rock       We need to get rid of the three strikes program for people and institute it for banks, whose criminal conduct continues to rage unabated. Wells Fargo, the West Coast based banking center, is a serial abuser of mortgage borrowers using predatory practices. Cook County, home of Chicago, and 5 million good people, has [...]

Another Deal Coming for the Bankers, Unlikely to Benefit Consumers

Dauphine Island       New reports have finally trickled out on a “last and final” deal between government regulators and the nation’s big banks over their irresponsible, immoral fleecing of consumers around home mortgages leaving millions as foreclosure victims.  Nothing about this settlement sounds really good for consumers particularly.  The whole thing smacks of end of the [...]

FACE to Face is Reducing Foreclosures in Hawaii

FACE community meeting

New Orleans   Given how little of any significance has been done on any governmental or financial level to stem the tide of foreclosures in the USA, I read with interest a blurb in an on-line Shelterforce alert about progress in Hawaii.  It seems the Gameliel affiliate, FACE (Faith Action for Community Equity), [...]

Mortgage Disclosures and Modification Appeals are not Enough Reform

San Francisco    There is no question that the new federal level Consumer Financial Protection Bureau (CFPB) is a good thing and that its initiative to reshape and clarify the disclosure forms for homebuyers is important and necessary work.  Writing such forms in plain and simple English is a needed step and requiring full transparency of [...]

Banks Not Victims Get Yet Another Foreclosure Bailout

New Orleans    We were all clear when the Obama Administration announced changes last year to the HARP (Home Affordable Refinance Program) that seemed to favor refinancing that these changes were not going to provide relief to homeowners desperately trying to hold on and resist foreclosure.   I thought that was the real issue with the latest [...]

Chinese Banks, Student Loans, Foreclosures, and Political Impasse

Wen Jiabao

New Orleans   Are you kidding me?  The Chinese Premier Wen Jiabao called for breaking up the banks because they are making too much money and charging too much interest.  It turned out he was actually calling for breaking up banks in China, rather than elsewhere, but how refreshing to have a head of [...]