News

2010

January

07

• Wells Fargo predatory lending suit dismissed. A federal court judge on Wednesday dismissed Baltimore's landmark lawsuit against Wells Fargo & Co., saying it was "not plausible" that the mortgage giant triggered millions of dollars in damages, as the city claimed, by causing

• Conflicted on mortgage-buying program. Some Federal Reserve policymakers last month were conflicted over whether to expand or cut back a program intended to drive down mortgage rates and bolster the housing market, according to a document released Wednesday. Minutes

04

• Lax oversight caused crisis. Regulatory failure, not low interest rates, was responsible for the housing bubble and subsequent financial crisis of the last decade, Ben S. Bernanke, the Federal Reserve chairman, said in a speech on Sunday. Mr. Bernanke’

• Aumentan las quejas por las bajas tasaciones de viviendas. No era la primera vez que Katherine Scheri le arruinaba el día a un agente de bienes raíces al tasar por lo bajo una propiedad en venta. Scheri había calculado que una

03

• Money resolutions to make in 2010. With the economy still in the dumper and many of us feeling poorer, it's no surprise that many Americans have resolved to clean up their finances in this new year. The trick is to set

• Investors foil other home buyers. Investors have reemerged with brute force in the Washington region's real estate market over the past few months, triggering bidding wars in some neighborhoods teeming with foreclosed properties and hindering traditional home buyers such as

02

• Some see loan efforts as adding to housing woes. The Obama administration’s $75 billion program to protect homeowners from foreclosure has been widely pronounced a disappointment, and some economists and real estate experts now contend it has done more harm than good. Since President

• Shedding light on potential reverse mortgage pitfalls. If you, your relatives or your friends are contemplating applying for a reverse mortgage in 2010, check out the new guidelines proposed in December by federal regulators. Though aimed at banks and credit unions, the guidelines

01

• Happy New Year!. The staff and board of Consumer Action wish you a happy and prosperous New Year.

2009

December

31

• U.S. mortgage aid funds moving slowly. The foreclosure crisis might be fast-moving, but the wheels of government - not so much. A year and a half after Congress earmarked $3.9 billion to combat the effects of empty bank-owned properties on neighborhoods, Baltimore's

• Renters win as vacancy rate climbs. Christmas will stretch into 2010 for apartment renters, who are benefiting from an epic collapse in the rental market and generous concessions. Landlords are offering tenants up to six months of free rent, flat-screen TVs and

29

• Why American consumers can't add. When I published "Gotcha Capitalism" two years ago, I was in for a big surprise. As I talked about systemic hidden fee fraud all around the country, many, many friends (and even co-workers) found me

• Financial sector ups lobbying effort. Wall Street, commercial banks and an array of other business interests are undertaking an all-out lobbying effort to shape legislation that imposes sweeping government oversight of the financial services industry. The U.S. Chamber of

27

• What to do with a cash windfall. The overwhelming generosity of our family and friends on our wedding day, while greatly appreciated, left me and my husband, Dave, with an enviable problem: What the heck should we do with all our cash

• A year of progress on consumer issues. This year was a total drag for consumers. Many of us lost our jobs, homes were foreclosed upon, medical bills piled up, recession-weary families scraped by month to month. But it was also an extraordinary

25

• Happy holidays from Consumer Action. The staff and board of Consumer Action hope that you and your family have a Happy Holidays and a healthy and prosperous New Year.

24

• Bailout's big mistake:Small bank loans. The last of the big banks have returned their bailout funds, but uncorking the champagne would be premature: taxpayers still have a lot of skin in the game, and getting paid back only gets more

23

• Obama asks community banks to free up business lending. President Obama sought to demonstrate his concern about a shortage of small-business loans Tuesday, meeting with a carefully selected group of community bankers to discuss ways of making more money available. The president said banks

• Home sales surge on tax credit. Federal programs designed to jump start the housing market helped boost sales of previously owned homes to their highest level since February 2007 and whittle down the excess supply of homes on the market in November.

• Nice home but where's the rest of it?. The author of the Craigslist posting in Las Vegas made no effort to disguise his or her intentions. “Stripping House — Before Foreclosure,” the ad declared, offering potential buyers the cabinets and countertops, the sinks and