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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

Press Releases

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Blog Posts

  • It’s Not Just Your Mother’s Reverse Mortgage: Pitfalls Impact Multiple Generations

    What exactly should you do when you find out that your mother’s reverse mortgage stripped all the equity out of a family home?  Slap this reality down next to the fact that you may have just lost your mother and you yourself are an aging adult.  What then? Such is the plight of more and Continue Reading

  • Mortgage Madness Continues? CFPB Receives 4,300 Mortgage Complaints per Month

    Last February, Steve Antonakes, Deputy Director of the CFPB, noted that the agency’s “mortgage complaint volume . . . remains high and averages around 4,300 complaints per month.”  He made these remarks while speaking before the U.S. Chamber of Commerce. According to a recent blog by Housingwire, these numbers “show little improvement in the volume Continue Reading

  • Why The CFPB Is The Best Thing To Happen To Americans Since J.Law

    Jennifer Lawrence is pretty awesome, right? For several years now she’s excelled at playing characters that excite the American imagination- they’re young, vibrant, and struggle against difficult odds or crafty opponents.  The Consumer Finance Protection Bureau (CFPB) is also young, rather vibrant, and also goes to battle with powerful forces but, despite all this, the Continue Reading

  • New Protections for Homeowners and Buyers in 2014: CFPB Rules Go Into Effect on January 10th

    Homeowners and consumers shopping for a mortgage can breathe a bit easier knowing that some new CFPB rules are going into effect in January 2014.  The new rules will bring much needed relief to consumers in the form of new rights and greater protection from harmful practices in the mortgage marketplace, including many of the Continue Reading

  • Justice announces record $13 billion settlement with JP Morgan Chase

    A few weeks ago, Consumers Union first wrote about this pending settlement between the U.S. Justice Department and JP Morgan Chase to resolve allegations that the bank purposely sold faulty securities comprised of poor quality mortgages which failed and contributed to the financial crisis. Just moments ago, the Washington Post announced that the settlement has Continue Reading

  • Mortgage “Hustle” Yields Bank of America Liable for Countrywide Mortgage Fraud

    According to a Reuters story, on Wednesday, October 23rd, a federal jury in New York found Bank of America liable on one count of civil fraud. The charge is related to the actions of Countrywide, which Bank of America says it acquired after the activities related the fraud verdict occurred.   The jury also found former Continue Reading

  • JPMorgan Chase To Pay Record $13 Billion Fine

    Bloomberg is reporting that JP Morgan and Chase has reached a settlement over probes on bad mortgage bonds with the Department of Justice that will result in the bank paying a record $13 Billion fine: JPMorgan Chief Executive Officer Jamie Dimon, 57, personally discussed the deal with Holder after markets closed Oct. 18 as the banker Continue Reading

  • National Mortgage Settlement Update

    This week the National Mortgage Settlement Monitor, Joseph A. Smith Jr, released a new report looking at how well Bank of America, Chase, Citi and Wells Fargo are delivering on their promises in the $25 billion settlement entered into in February 2012.  The Settlement was entered into to resolve allegations that the banks had foreclosed Continue Reading

  • Furloughed Federal Workers: Worried About Your Mortgage?

    You are not alone.  The Federal Housing Administration (FHA), Fannie Mae, and Freddie Mac have called on lenders to give you a break while you are furloughed during the government shutdown.  They are asking for lenders to temporarily postpone mortgage payments for furloughed government employees and contractors, according to a story recently reported in the Continue Reading

  • New Federal Court Ruling Protecting Spouses of Reverse Mortgage Borrowers

    Should the spouses of reverse mortgage borrowers who die face foreclosure?  Not according to the U.S. District Court for the District of Columbia which handed down an important decision that would protect against reverse mortgage foreclosures on widows and widowers.   Earlier this week, Bloomberg News reported on this development. The case, Bennett v. Donovan, was Continue Reading

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