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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

  • Watch-out for Student Loan “Help” That Does More Harm Than Good

    Illinois’ AG goes after companies trying to spring the debt settlement trap on student loan borrowers Student loan debt settlement companies’ advertisements say things like, “Your entire student loan can be forgiven” and “Stop wage garnishment.” But according to lawsuits filed today by the Illinois Attorney General, two companies making those claims aren’t helping consumers. Continue Reading

  • Reverse Mortgages: Is it true? Can you really keep your house?

    If you’re wondering about the answer to this question, check out this NBC Bay Area news story which aired on June 11th.  Reality Check: Reverse Mortgages Aren’t As Good As They Sound  After watching, make sure to share your experience with reverse mortgages here. Over the years, Consumers Union has written about reverse mortgages and Continue Reading

  • Wall Street’s Latest Wishlist For Congress Would Make Even the Pharmaceutical Industry Blush

    Do you know what stands between the American people and another financial crisis? Two things. The first is a little but scrappy federal agency that just happens to be the most important institution to emerge out of the crisis, the Consumer Financial Protection Bureau (CFPB). And the second is defeating the the Wall Street Wishlist. Continue Reading

  • 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

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