News

2012

January

05

• Home repairs: Knowing when you can do it yourself. In times of economic hardship, "do-it-yourself" is a tempting mantra for many homeowners with dripping faucets, running toilets, leaky windows or sticky locks. The savings can add up when you don't have to call a…

• Obama appoints Cordray to head consumer watchdog bureau. In a bold act of political defiance, President Obama installed Richard Cordray as head of a new consumer watchdog agency Wednesday, bypassing Republican opposition in the Senate that derailed his nomination last month. Obama cast…

04

• Consumer Action applauds President Obama for CFPB recess appointment. Consumer Action is proud to see President Obama stand up to an obstructionist Senate today and appoint former Ohio Attorney General Richard Cordray director of the CFPB while the Senate is in recess. "With a…

01

• Consumer protection made big gains in 2011. The last year was a remarkable one for consumer protection. Among the wins: A new watchdog agency opened for business, regulators cracked down on a controversial merger and a major bank retreated from a dubious…

2011

December

30

• Consumer Action INSIDER – January 2012. In our first issue of the INSIDER for the New Year, we review our latest efforts in the various coalitions to which we belong. We cover the CFPB's latest meeting concerning financial education for the military community, and what to do when the "talent agency" says you're beautiful enough for prime time? These and other stories in our latest edition of the INSIDER.

29

• Incandescent light bulb phaseout begins Jan. 1. The nation's light bulbs begin facing new efficiency and labeling standards starting Jan. 1, but don't expect old-fashioned incandescents to suddenly disappear from store shelves. The congressionally mandated efficiency standards gradually phase out Thomas Edison's…

22

• Victims in Countrywide mortgage case could get thousands. Consumers who were victims of mortgage discrimination could get anywhere from $500 to thousands of dollars each as a result of a settlement announced Wednesday by the Justice Department. Under the deal, Bank of America's…

• Bank of America to pay $335M to settle claims of unfair Countrywide loans. Bank of America agreed Wednesday to pay $335 million to settle federal claims that its Countrywide Financial unit charged black and Hispanic borrowers higher mortgage fees in the lead up to the financial crisis and…

20

• The Middle-class agenda. Earlier this month, President Obama delivered his first unabashed 2012 campaign speech. Unlike his opponents, Mr. Obama acknowledged the ravages of income equality, the hollowing out of the American middle class. There is no hyperbole…

15

• Mortgage aid program stumbled from the start. "Congratulations" began the letter, dated Sept. 27. Lorraine and Jude Austin, who had battled against foreclosure for two years, were "approved" for $48,113 in federal mortgage assistance, read the letter from the Department of Housing…

• 7 secrets to super customer service. Even pros are suckers for flattery Front-line phone reps are cursed at, threatened or belittled seven times a day on average, according to researchers at Pennsylvania State University who studied two call centers for a…

13

• Steps you take now can boost tax refund. Your tree is trimmed, your gifts are wrapped and your plane ticket home has been booked. Now you just have to figure out how you're going to pay for your holiday merriment when the bills…

12

• Consumer protection bureau opens mortgage complaint hotline. Got a beef with your mortgage lender? Is your bank unresponsive when you complain that your escrow account is fouled up and making your monthly payments needlessly high? Did your loan officer switch you into…

09

• A dream of homeownership, still beyond reach. Like many young married people, Steve and Logan Kinney dream of owning a home. So after several years of diligent saving, the couple, both teachers, scoured the listings in Boerum Hill, the leafy Brooklyn neighborhood…

08

• U.S. targets mortgage servicers for poor performance. The Obama administration said on Wednesday it will keep the pressure on two big U.S. banks to help more troubled borrowers from losing their homes by withholding payments to the banks under a foreclosure-prevention program…

• White House pushes vote on consumer agency chief. The White House has undertaken an extraordinary push this week to promote the confirmation of a director for the new Consumer Financial Protection Bureau, despite signs that Senate Republicans will not budge from their vow…

07

• Stealth commercials masquerade as TV news. Alison Rhodes is passionate about child safety, and in hundreds of TV news interviews, the self-styled “Safety Mom” has talked up products designed to increase it. During a segment on WTTG’s morning news last year,…

01

• Foreclosure crisis isn’t even halfway over. A new analysis suggests that the tide of home foreclosures isn’t going to recede soon. The report from the Center for Responsible Lending, “Lost Ground, 2011,” finds that at least 2.7 million mortgages loaned from…

November

30

• A new shot at mortgage relief. Like millions of other homeowners, William D. Compton would like to refinance his mortgage so that he pays less each month for his three-bedroom house in Gulf Breeze, Fla. With the savings, he figures he…

27

• Higher loan limits transform FHA into key source of financing. After a year characterized by grumpy partisan gridlock, Congress came up with a Thanksgiving compromise that could change the mortgage choices of buyers and refinancers in more than 660 markets across the country: It raised…