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Regulators Still Troubled by Overdraft Fees as Banks Prepare to Lose Billions From CFPB Rules

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Four years ago, federal regulators passed rules designed to reduce overdraft fees. The Consumer Financial Protection Bureau (CFPB), created under the Dodd-Frank Act, is still finding issues with the high fees banks charge customers for overdrawing their accounts. On Thursday, the agency released a report saying bank customers, especially young adults, continue piling up overdraft fees. The report also found ... Read More »

Mortgage Rates Reach One-Month High After GDP Data

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Mortgage rates increased after the Federal Reserve’s July 2014 FOMC meeting, during which the central bank said economic growth has “rebounded” in the second quarter on an improving labor market and inflation that is moving closer to the target. The Fed also announced the next phase of its tapering, which is scheduled to start in August. Yesterday’s surprise 4.0% second-quarter ... Read More »

BofA’s Countrywide Ordered to Pay $1.27 Billion Fine

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Bank of America’s Countrywide unit has been ordered to pay a $1.27 billion fine in penalties for defective mortgages sold to Fannie Mae and Freddie Mac before the financial crisis, a figure that is nearly half of what the government sought. U.S. District Judge Jed Rakoff in Manhattan issued the penalty against the bank on Thursday in the first mortgage ... Read More »

U.S. Provides Additional $378 Million in Aid to Syria

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Secretary of State John Kerry announced that the U.S. will provide $378 million more in humanitarian aid to help the 11 million Syrians who are “struggling” in one of the “foulest humanitarian crises” the world has seen in recent years. With this new contribution, U.S. aid to Syria has exceeded $2.4. All of this has been designed to help 4.7 ... Read More »

Mortgage Relief Faces Mounting Backlog as Homeowners Await Aid

August Foreclosures Rise To Highest Since Level Beginning Of Housing Crisis

Financially struggling homeowners are facing long delays after turning to the foreclosure prevention program from the Obama administration for assistance, according to a new report from the Special Inspector General for the Troubled Asset Relief Program overseeing the initiative. “Without a timely review of their eligibility to even get a HAMP trial modification, struggling homeowners left in limbo hoping to ... Read More »

Red Flags Continue Rising Over Subprime Auto Lending

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An investigation by the New York Times has revealed that used car dealers are contributing to a growing subprime auto lending industry with large loans given  to millions of struggling consumers with poor credit. Many car dealers are using negligent lending standards similar to those used by mortgage lenders prior to the financial crisis, including ignoring or lying about a ... Read More »

Mortgage Relief Faces Mounting Backlog as Homeowners Await Aid

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Financially struggling homeowners are facing long delays after turning to the foreclosure prevention program from the Obama administration for assistance, according to a new report from the Special Inspector General for the Troubled Asset Relief Program overseeing the initiative. “Without a timely review of their eligibility to even get a HAMP trial modification, struggling homeowners left in limbo hoping to ... Read More »

Current Mortgage Interest Rates at Bank of America, Wells Fargo and SunTrust on July 30, 2014

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According to a recent report released by the Mortgage Bankers Association, the seasonally adjusted index for the mortgage applications dipped 2.2% during the last week. The seasonally adjusted index for refinancing applications reduced 4%, while the count of loan applications for new home purchase loans saw a minor hike of 0.2% in the previous week. Bank of America The 30 ... Read More »

U.S. Homeownership Reaches 19-Year Low

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Homeownership has reached a 19-year low in the second quarter as financially strapped consumers are pushed toward renting, a remaining legacy of the recession. On Tuesday, the Commerce Department reported that the seasonally adjusted homeownership rate dropped to 64.7% in the second quarter, down from 64.8% during the previous three months. This matches the homeownership rate last seen in the ... Read More »

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