Defend Your Dollars

Mortgages

Sound mortgage financing makes it possible for people to own their own homes, build a credit history by making timely payments, and invest in an important asset that can stabilize a community and help build personal wealth. For most homeowners, a mortgage is a fact of life. The economic downturn and foreclosure crisis has revealed serious problems with how mortgages have been sold. Consumers Union calls for new solutions to avert future mortgage meltdowns and to increase the number of loan modifications to prevent unnecessary foreclosures.

Follow these steps if you find that you are unable to make your mortgage payments. There are many foreclosure counseling options and other resources available to you.

Publications

• Nevada Homeowner Bill of Rights
  Posted 04/08/13 at 10:51 am

  The purpose of the Nevada Homeowner Bill of Rights is to increase predictability for all parties involved in the foreclosure process and provide strong but fair accountability measures by extending protections to all residential mortgages written in Nevada.

• Worried About Foreclosure? California Bill Of Rights
  Posted 03/15/13 at 3:13 pm

  As of January 1, 2013, there is a new California law called The Homeowner Bill of Rights (HBOR). This new law may help you avoid foreclosure. Here’s how: Worried About Foreclosure (English) Precupado por una Ejecucion Hiptecaria? (Worried About Foreclosure? – Spanish)  

• States Action Is Still Needed To Prevent Unnecessary Foreclosures
  Posted 02/28/13 at 9:28 am

  States have yet to recover from the foreclosure crisis that has stripped trillions of dollars from homeowners and devastated local communities across the nation

• California’s Homeowner Bill of Rights Summary
  Posted 12/18/12 at 5:49 pm

  What borrowers need to know

• Letter to FHA regarding Stabilizing and Strengthening the Home Equity Conversion Mortgage (HECM) Program
  Posted 12/12/12 at 6:13 pm

  CU comments on strengthening the HECM Program

• Get Real Debt Help, Not Empty Promises
  Posted 05/18/11 at 1:49 pm

  Tips from Consumer Action, Consumers Union, Consumer Federation of America, and the National Consumer Law Center®

• Reverse mortgage tips for consumers
  Posted 12/07/10 at 10:55 am

  If you need cash, consider alternatives to a reverse mortgage first

• CU comment on SEC’s proposed rules re: asset-backed securities
  Posted 08/09/10 at 10:08 am

  Consumers Union comments on SEC File Number 27-08-10

• CUs comments to the FTC re: Mortgage Assistance Relief Services—Proposed Rulemaking
  Posted 03/26/10 at 10:22 am

  Mortgage Assistance Relief Services – Proposed Rulemaking; Rule No. R911003

• Supporting comments for FDIC mortgage securitization reform
  Posted 02/12/10 at 9:46 am

  February 12, 2010   Mr. Robert. E. Feldman Executive Secretary Federal Deposit Insurance Corporation 550 17th Street, N.W. Washington, D.C. 20429 Via email: http://www.FDIC.gov/regulations/laws/federal/notices.html.   Re: RIN # 3064-AD55–Advance Notice of Proposed Rulemaking Regarding Treatment by the Federal Deposit Insurance Corporation as Conservator or Receiver of Financial Assets Transferred by an Insured Depository Institution in Continue Reading

Press Releases

• States urged to close gaps in foreclosure safeguards
  Posted 04/09/13 at 9:40 am

  Tuesday, April 9, 2013 States Should Close Gaps in Foreclosure Safeguards  Two consumer advocacy groups today outlined how state lawmakers can bolster safeguards to prevent unnecessary foreclosures. The recommendations by the Center for Responsible Lending and Consumers Union would close gaps left by new federal mortgage servicing rules and by last year’s settlement among 49 Continue Reading

• CFPB Issues New Rules to Curb Mortgage Foreclosure Abuses
  Posted 01/17/13 at 2:11 pm

  The rules set new, national standards to help make sure borrowers are treated fairly

• CU: CFPB mortgage rule will help consumers avoid bad loans
  Posted 01/11/13 at 11:11 am

  Bureau should keep up pressure to ensure all mortgages are fair, appropriate

• Federal Housing Administration Proposes Reforms For Reverse Mortgage Program
  Posted 12/13/12 at 9:43 am

  Consumer advocates urge additional protections for borrowers

• California lawmakers OK Foreclosure Reduction Act
  Posted 07/02/12 at 8:38 pm

  Bill aims to protect homeowners from foreclosure abuses and could serve as model for nation

• Reverse mortgage reforms needed to protect seniors
  Posted 06/25/12 at 10:15 am

  Consumers Union renews call for stricter oversight of reverse mortgages as the CFPB holds a field hearing on the topic

• CU Urges California Lawmakers To Protect Homeowners From Foreclosure Abuses
  Posted 04/12/12 at 3:04 am

  Key votes On “California Homeowner Bill of Rights” scheduled next week

• CFPB’s draft rules for mortgage servicers would help consumers avoid foreclosure
  Posted 04/11/12 at 12:30 am

  Rules for mortgage servicers would avoid foreclosure, cut through the clutter of mortgage statements

• $25 billion deal announced on foreclosure abuses
  Posted 02/09/12 at 1:07 pm

  Settlement is a “down payment” on what’s needed to hold banks accountable and assist homeowners

• Reverse mortgages can be risky & costly for seniors
  Posted 12/07/10 at 8:34 am

  New report highlights concerns about the growing reverse mortgage market and the need for stronger oversight

Blog Posts

• Most Victims of Bank Wrongdoing Will Get $1000 or Less Under Settlement
  Posted 04/19/13 at 9:54 am

  Last week the Wall Street Journal reported some sobering news:  The vast majority of borrowers being compensated for mortgage related abuses will get $1,000 or less, under a $9.3 billion dollar settlement between the U.S. and banks. If that were not bad enough, yesterday the New York Times reported that homeowners trying to cash their Continue Reading

• States should close gaps in foreclosure safeguards
  Posted 04/10/13 at 4:22 pm

  On April 9, 2013, Consumers Union and the Center for Responsible Lending issued a new report outlining how state lawmakers can bolster safeguards to prevent unnecessary foreclosures.  Closing the Gaps:  What States Should Do to Protect Homeowner From Foreclosure examines recent developments in the legal and regulatory landscape, discusses the relevant provisions of the CFPB rules, Continue Reading

• Credit Scores and Credit Reports: How do They Differ?
  Posted 03/29/13 at 2:52 pm

  Consumers Union is conducting a “Know Your Score” campaign in support of Sen. Bernie Sanders’s and Rep. Steve Cohen’s proposed Fair Access to Credit Scores Act, which was introduced in Congress earlier this month. This bill directs the three major consumer reporting agencies (CRAs), Experian, Equifax, and TransUnion, to provide consumers with the credit score Continue Reading

• Foreclosures Decline Dramatically in California in January. New Homeowner Bill of Rights Credited for Big Drop
  Posted 02/15/13 at 2:18 pm

  On February 13, NPR radio reported that foreclosures in California were down by nearly 40 percent. According to the story, RealtyTrac Vice-President Daren Blomquist says a new law brought about the change.  That new law is the California Homeowner Bill of Rights which became effective on January 1, 2013.  The new law was championed by Continue Reading

• Implementation Details Unclear in New Mortgage Settlements
  Posted 01/17/13 at 3:18 pm

  Last Monday, January 7, the Federal Reserve and the Office of the Comptroller of the Currency (OCC) released the news that they and ten participating banks had decided to abandon the Independent Foreclosure Review (IFR) in favor of a new settlement. While the IFR mandates reviewers to look for evidence of illegal actions and demonstrable Continue Reading

• Feds Announce New Rules and Settlements on Mortgages
  Posted 01/11/13 at 5:01 pm

  It’s been a busy week for new developments affecting mortgage borrowers and homeowners who lost their homes to foreclosure. The Consumer Financial Protection Bureau (CFPB) announced new regulations on January 10 that, when implemented in 2014, will require banks to honestly characterize the full costs of their mortgage loans and lend only to borrowers that Continue Reading

• Application Deadlines for Independent Foreclosure Review and National Mortgage Settlement Aid Coming Soon!
  Posted 12/18/12 at 9:56 am

  We are closing in on two important deadlines for borrowers who may have been the victims of unlawful foreclosure practices. Two programs, the Independent Foreclosure Review and the National Mortgage Settlement, have been designed to ensure that major loan servicers are held responsible for their actions and that borrowers can receive some compensation as well. Continue Reading

• Is the National Mortgage Settlement Delivering Relief to Borrowers?
  Posted 11/27/12 at 5:08 pm

  In February, we wrote about the National Mortgage Settlement, in which five major lenders, Ally Financial, Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo pledged $20 billion to mortgage holders affected by illegal foreclosure practices. Nine months later, we’re beginning to get a better sense of how well the banks are living up to Continue Reading

• CFPB And FTC Team Up On Misleading Mortgage Ads
  Posted 11/20/12 at 12:33 pm

  By Norma Garcia On Monday, November 19, 2012, the Federal Trade Commission (FTC)  and the Consumer Financial Protection Bureau (CFPB)  announced they sent letters to a number of lenders over potentially misleading advertisements related to mortgages. According to a Bloomberg News report , together, the agencies are investigating 19 mortgage-related companies.In addition the LA Times Continue Reading

• U.S. Sues Bank of America for Countrywide’s “Brazen” Mortgage Hustle
  Posted 10/24/12 at 3:38 pm

  By Norma Garcia   The Washington Post reported today that the top federal U.S. prosecutor in Manhattan filed a civil lawsuit against Bank of America for more than $1 billion for mortgage fraud.  The complaint filed by the US Attorney seeks to recover damages and penalties for a scheme to defraud Fannie Mae and Freddie Continue Reading