Items Tagged with 'Predatory lending'

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  • Ginnie Mae boots 3 VA lenders from mortgage bond programs

    Continues crackdown of VA loan churning
    Ginnie Mae announced late Friday that it is booting three VA mortgage lenders from its main securities programs. All three issuers are restricted from including VA single family guaranteed loans in Ginnie Mae I securities or Ginnie Mae II multi-issuer securities. Click the headline to find out which three lenders got the boot.
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  • Ginnie Mae reveals new requirements for VA refinances

    Continues fight against predatory lending
    Ginnie Mae recently announced new requirements for its Department of Veterans Affairs refinance loans in order to protect service members from predatory lending. The agency issued an All Participants Memorandum that announced the implementation of changes to pooling eligibility requirements for VA insured or guaranteed mortgages.
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  • Bipartisan group of senators seek more “predatory” lending protections for veterans

    Lenders would be required to show “material benefit” for VA refinances
    Over the last few months, Ginnie Mae and the Department of Veterans Affairs began looking into a segment of mortgage lenders that were aggressively targeting servicemembers and military veterans for quick and potentially risky refinances of their mortgages. But a bipartisan group of senators think both the VA and Ginnie Mae need more legal authority to stamp out the problem entirely.
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  • Supreme Court rules cities can sue banks for predatory lending

    Hands partial victory to Miami in suits against Bank of America, Wells Fargo
    The Supreme Court handed down a landmark ruling, stating that cities can sue banks for discriminatory mortgage lending practices, but cautioned that the burden of proof could be difficult to achieve. The ruling stems from a lawsuit brought by the city of Miami, which sued Bank of America, Wells Fargo and Citigroup in 2013, stating that the banks engaged in predatory lending to minority borrowers in the city.
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  • Groundbreaking ruling? Federal jury finds Emigrant Bank liable for predatory lending

    Plaintiffs' lawyers claim decision is first jury verdict in "reverse redlining" case
    In what the plaintiffs’ attorneys are calling a "first of its kind" decision, a federal jury in Brooklyn ruled this week that Emigrant Savings Bank and Emigrant Mortgage Company engaged in predatory lending by "aggressively marketing toxic mortgages to Black and Latino homeowners with poor credit" in the run-up to the housing crisis.
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  • Supreme Court to consider Miami's predatory lending suit against Bank of America, Wells Fargo

    Won't decide case, but could rule on city's ability to sue for lending discrimination
    The U.S. Supreme Court announced Tuesday that it will hear arguments during its next term on whether the city of Miami can sue Bank of America and Wells Fargo for alleged predatory lending. The city sued the megabanks in 2013, accusing the banks of "disproportionately placing vulnerable, underserved minority borrowers in loans they cannot afford."
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  • Monday Morning Cup of Coffee: JPM Chase agrees to massive mortgage settlement

    Wells Fargo wins in Los Angeles’ predatory lending suit; Happy Birthday CFPB!
    JPMorgan Chase agreed to a massive settlement, stemming from a lawsuit that accused the bank of misleading investors about the quality of pre-crisis residential mortgage-backed securities. And did you know the CFPB turns 4 this week? There's still time to get them a present.
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  • Wells Fargo victorious in Chicago-area predatory lending lawsuit

    Judge dismisses claims brought by Cook County
    Wells Fargo secured a victory in court Friday, when a U.S. District Judge dismissed a lawsuit brought against the lender by Cook County, Illinois, which accused the bank of predatory lending. Cook County accused Wells Fargo of steering minority borrowers into higher-priced loans.
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  • Did Quicken Loans CEO force Yahoo to delete content?

    Deadspin accuses Dan Gilbert of exerting influence to have blog post deleted
    According to a Deadspin report, Quicken Loans Founder Dan Gilbert allegedly used his influence as an advertiser and media partner to force Yahoo to remove a blog post, in which the author offhandedly accused Quicken Loans of predatory lending.
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